Income Tax Assessment Act 1936
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Hide history noteSubject to subsections (3) and (4), if, immediately before the transition time, the transition taxpayer or a subsidiary (see section 57-125 ) of the transition taxpayer has a franking surplus, then the surplus is reduced to nil at the transition time.
Subject to subsections (3) and (4), if:
(a) at any time after the transition time, there arises a franking credit or a franking debit of the transition taxpayer or of a subsidiary of the transition taxpayer; and
(b) the franking credit or franking debit is to any extent attributable to a period, or to an event taking place, before the transition time;
the franking credit or franking debit is to that extent taken not to have arisen.
57-120(3) Cases where subsections (1) and (2) do not apply to the transition taxpayer.(a) one or more franking debits of the transition taxpayer arise after the transition time; and
(b) any of the debits is to an extent (the amount of which is the pre-transition time component of the debit) attributable to the period, or to an event taking place, before the transition time; and
(c) immediately before the transition time:
(i) there was a franking surplus of the transition taxpayer that was less than the total of the pre-transition time components of all of the debits; or
(ii) there was no franking surplus of the transition taxpayer;
then:
(d) in a case covered by subparagraph (c)(i) - subsection (1) does not apply to the surplus; and
(e) in any case - subsection (2) does not apply to the debits.
(a) one or more franking debits of a subsidiary of the transition taxpayer arise after the transition time; and
(b) any of the debits is to an extent (the amount of which is the pre-transition time component of the debit) attributable to the period, or to an event taking place, before the transition time; and
(c) immediately before the transition time:
(i) there was a franking surplus of the subsidiary that was less than the total of the pre-transition time components of all of the debits; or
(ii) there was no franking surplus of the subsidiary;
then:
(d) in a case covered by subparagraph (c)(i) - subsection (1) does not apply to the surplus; and
(e) in any case - subsection (2) does not apply to the debits.
(Repealed by No 23 of 2005)
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