Income Tax Assessment Act 1997
View history note
Hide history noteTo ensure that franking credits accumulated by an exempting entity are not the target of franking credit trading, these rules:
(a) limit the circumstances in which a distribution franked with those credits can give rise to benefits under the imputation system; and
(b) quarantine those credits by moving them into a separate account, called the exempting account, when the entity ceases to be an exempting entity; and
(c) deny a recipient of a distribution franked with a credit from that account any benefit under the imputation system as a result of that distribution, unless the recipient was a member of the entity immediately before it became a former exempting entity.
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