Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 205.1

What this Division is about

This Division:

  creates a franking account for each entity that is, or has been, a corporate tax entity; and

  identifies when franking credits and debits arise in those accounts and the amount of those credits and debits; and

  identifies when there is a franking surplus or deficit in the account; and

  creates a liability to pay franking deficit tax if the account is in deficit at certain times; and

  creates a tax offset for that liability.

Table of sections

205 - 5   Franking accounts, franking deficit tax liabilities and the related tax offset

Operative provisions

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

205 - 15   Franking credits

205 - 20   Paying a PAYG instalment, income tax or diverted profits tax

205 - 25   Residency requirement for an event giving rise to a franking credit or franking debit

205 - 30   Franking debits

205 - 35   Refund of income tax or diverted profits tax

205 - 40   Franking surplus and deficit

205 - 45   Franking deficit tax

205 - 50   Deferring franking deficit

205 - 70   Tax offset arising from franking deficit tax liabilities



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