Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 205.35

No franking deficit tax if franking account in deficit at the close of the 2001 - 02 income year of a late balancing entity

    If:

  (a)   an entity's 2001 - 02 income year ends after 30   June 2002; and

  (b)   its franking account is in deficit at the end of that income year;

the entity is not liable to pay franking deficit tax under subsection   205 - 45(2) of the Income Tax Assessment Act 1997 because the account is in deficit at that time.


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