Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn many cases, income from demutualisation is assessed through the CGT provisions rather than as ordinary income or other statutory income.
Franking debits arise for the friendly society and its subsidiaries to ensure they do not enjoy a franking surplus. Franking debits and credits arise to negate credits and debits from things attributable to the time before demutualisation.
316 - 255 General taxation consequences of issue of demutualisation assets etc.
316 - 260 Franking debits to stop the friendly society and its subsidiaries having franking surpluses
316 - 265 Franking debits to negate franking credits from some distributions to friendly society and subsidiaries
316 - 270 Franking debits to negate franking credits from post - demutualisation payments of pre - demutualisation tax
316 - 275 Franking credits to negate franking debits from refunds of
tax paid before demutualisation