Income Tax Assessment Act 1997



Division 316 - Demutualisation of friendly society health or life insurers  

Subdivision 316-F - Non-CGT consequences of the demutualisation  

Guide to Subdivision 316-F

SECTION 316-275   Franking credits to negate franking debits from refunds of tax paid before demutualisation  

This section applies if a *franking debit arises in the *franking account of the *friendly society or a *wholly-owned subsidiary of the society because, on or after the demutualisation resolution day identified under subsection 316-70(4) , the society or subsidiary *receives a refund of income tax that is wholly or partly attributable to a period before that day.

A *franking credit arises in that account.

The amount of the *franking credit is so much of the *franking debit as is attributable to the period before that day.

The *franking credit arises at the same time as the *franking debit arises.


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