New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 (117 of 2002)

Schedule 18   Imputation system transitionals

Income Tax (Transitional Provisions) Act 1997

1   After Division 201

Insert:

Division 203 Benchmark rule

203-1 Franking periods straddling 1 July 2002

Where, but for this section, 1 July 2002 would fall within a franking period for a corporate tax entity, but would not be the first day of the franking period, the franking period:

(a) is taken to begin at the start of 1 July 2002; and

(b) is taken to end when it would otherwise have ended.