Commonwealth Consolidated Acts Commonwealth Consolidated ActsThis 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.
205 - 5 Franking accounts, franking deficit tax liabilities and the related tax offset
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