Income Tax (Transitional Provisions) Act 1997
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Hide history noteIf a company has a franking account under former Part IIIAA of the Income Tax Assessment Act 1936 (the old account ) at the end of 30 June 2002, the old account is closed off and an opening balance is created in the company ' s franking account under section 205-10 as follows:
(a) any estimated debits in the old account at the end of 30 June 2002 are washed out of the account under section 205-5 ; and
(b) then:
(i) in the case of a company whose 2001-02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 - the company ' s franking account balances are converted under section 205-10 to a tax paid basis; and
(ii) in the case of a company whose 2001-02 franking year ends before 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 - the company ' s franking account balances are converted under section 205-15 to a tax paid basis.
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