If, before receipt of the refund, there is a franking deficit at the end of the income year (or the 12 month period ending on 30 June) or immediately before the entity ceased to be a franking entity, then the amount of the franking deficit that should be shown at label B is that deficit plus the refund.
If, before receipt of the refund, there is no franking deficit at the end of the income year (or the 12 month period ending on 30 June) or immediately before the entity ceased to be a franking entity, then the franking deficit that should be shown at label B is the amount of the refund reduced by the franking surplus (if any) existing at that time.
Note:
If you have completed label F then the amount shown at that label must be included in the amount shown at label B. Any franking deficit tax that you have already paid will be taken into account.