Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 205 - Franking accounts  

SECTION 205-80   Application of Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936  

205-80(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.

205-80(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.

205-80(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.