Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

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the company *receives a *tax offset refund; and

the company does not satisfy the *residency requirement for the income year to which the refund relates; and

the company was a *franking entity for the whole or part of that income year; and

the company's *franking account is in *surplus on the day on which the refund is received

the lesser of:

(a) that part of the refund that is attributable to:

(i) the *shareholders' share of the income tax liability of the company for that income year; and

(ii) the period during which the company was a franking entity; and

(b) the amount of the *franking surplus

on the day on which the refund is received