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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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