Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

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History

Part 3-6 inserted by No 48 of 2002.

Division 205 - Franking accounts  

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Div 205 inserted by No 48 of 2002.

SECTION 205-5  

205-5   Washing estimated debits out of the franking account before conversion  

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If, under former Part IIIAA of the Income Tax Assessment Act 1936 , the termination time in relation to an estimated debit of a company would, but for this section, occur after the end of 30 June 2002, it is taken to have occurred at the end of 30 June 2002.

Note:

A franking credit of the appropriate class equal to the debit will arise under former section 160APU of that Act at the beginning of 30 June 2002.

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S 205-5 amended by No 101 of 2006 , s 3 and Sch 2 items 856 and 857, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 205-5 inserted by No 48 of 2002.

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