INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
A company with a tainted share capital account may elect in writing to untaint that account. The election can be made at any time but cannot be revoked.160ARDR(2) [Specifying amount of franking debit]
If the company is a company with higher tax shareholders, the election must specify the amount of the franking debit to arise under subsection 160ARDS(2) . The maximum amount that may be specified is the tainting amount less the sum of:
(a) the amount of the class C franking debit (if any) that arose under section 160ARDQ when the share capital account most recently became tainted; and
(b) if the company subsequently transferred one or more further amounts to its share capital account from any of its other accounts - the amounts of any class C franking debits that arose under section 160ARDQ when that further amount or those further amounts were transferred.
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