Income Tax Assessment Act 1997
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. 316-275(2)
A *franking credit arises in that account. 316-275(3)
The amount of the *franking credit is so much of the *franking debit as is attributable to the period before that day. 316-275(4)
The *franking credit arises at the same time as the *franking debit arises.
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