Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 205.10

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

                   There is a franking account for each entity that is, or has at any time been, a * corporate tax entity.

Note:          The balance in the franking account on 1 July 2002 will either be nil or, if the entity had a franking surplus or deficit immediately before 1 July 2002 under the imputation scheme existing at that time, an amount calculated under the Income Tax (Transitional Provisions) Act 1997 .



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