Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 214.120

Record keeping

                   Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if:

                     (a)  the reference in that section to a person carrying on a business were a reference to a corporate tax entity; and

                     (b)  the reference in paragraph (2)(a) of that section to the person's income and expenditure were a reference to:

                              (i)  the entity's franking account balance; and

                             (ii)  the entity's liability to pay franking tax; and

                     (c)  paragraph (5)(a) of that section were omitted.



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