Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 208.125

Exempting surplus and deficit

                 (1)    An entity's * exempting account is in surplus at a particular time if, at that time, the sum of the * exempting credits in the account exceeds the sum of the * exempting debits in the account. The amount of the exempting surplus is the amount of the excess.

                 (2)    An entity's * exempting account is in deficit at a particular time if, at that time, the sum of the * exempting debits in the account exceeds the sum of the * exempting credits in the account. The amount of the exempting deficit is the amount of the excess.



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