(1) This section applies if Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936 would, apart from former section 160AOAA of that Act, apply in relation to an entity's assessment for a year of income that ends before 1 July 2002.
(2) Former section 160AOAA of that Act does not prevent:
(a) the making of a determination under that Subdivision on or after that date for an offset to reduce the entity's income tax liability for that year of income; and
(b) the operation of any provision in that Subdivision in relation to that determination.
(3) However, in working out the amount of that offset, any liabilities to pay franking deficit tax or deficit deferral tax that have been taken into account in working out a tax offset under section 205-70 of the Income Tax Assessment Act 1997 must be disregarded.
Table of sections
208-111 Converting former exempting company's exempting account balance on 30 June 2002