Income Tax Assessment Act 1997



Division 205 - Franking accounts, franking deficit tax liabilities and the related tax offset  

Operative provisions  

SECTION 205-10   205-10   Each entity that is or has been a corporate tax entity has a franking account  

There is a franking account for each entity that is, or has at any time been, a *corporate tax entity.

The balance in the franking account on 1 July 2002 will either be nil or, if the entity had a franking surplus or deficit immediately before 1 July 2002 under the imputation scheme existing at that time, an amount calculated under the Income Tax (Transitional Provisions) Act 1997 .


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