Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 205.1

    If a company has a franking account under former Part   IIIAA of the Income Tax Assessment Act 1936 (the old account ) at the end of 30   June 2002, the old account is closed off and an opening balance is created in the company's franking account under section   205 - 10 as follows:

  (a)   any estimated debits in the old account at the end of 30   June 2002 are washed out of the account under section   205 - 5; and

  (b)   then:

  (i)   in the case of a company whose 2001 - 02 franking year ends on 30   June 2002 under former Part   IIIAA of the Income Tax Assessment Act 1936 --the company's franking account balances are converted under section   205 - 10 to a tax paid basis; and

  (ii)   in the case of a company whose 2001 - 02 franking year ends before 30   June 2002 under former Part   IIIAA of the Income Tax Assessment Act 1936 --the company's franking account balances are converted under section   205 - 15 to a tax paid basis.