Income Tax Assessment Act 1997

This Division:

• creates a franking account for each entity that is, or has been, a corporate tax entity; and

• identifies when franking credits and debits arise in those accounts and the amount of those credits and debits; and

• identifies when there is a franking surplus or deficit in the account; and

• creates a liability to pay franking deficit tax if the account is in deficit at certain times; and

• creates a tax offset for that liability.