Income Tax Assessment Act 1997
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View history notePart 3-32 inserted by No 97 of 2008 , s 3 and Sch 1 item 11, applicable in relation to demutualisations occurring on and after 1 July 2007.
Div 316 inserted by No 88 of 2009, s 3 and Sch 3 item 1, effective 18 September 2009.
Subdiv 316-F inserted by No 88 of 2009, s 3 and Sch 3 item 1, effective 18 September 2009.
SECTION 316-265 Franking debits to negate franking credits from some distributions to friendly society and subsidiaries 316-265(1)
This section applies if a *franking credit arises in the *franking account of the *friendly society or a *wholly-owned subsidiary of the society because a *distribution declared before the demutualisation resolution day identified under subsection 316-70(4) is made to the society or subsidiary on or after that day.
316-265(2)
A *franking debit arises in that account.
316-265(3)
The amount of the *franking debit equals the amount of the *franking credit.
316-265(4)
The *franking debit arises at the same time as the *franking credit arises.
S 316-265 inserted by No 88 of 2009, s 3 and Sch 3 item 1, effective 18 September 2009.
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