Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteThis section has effect for the purposes of working out the following for a company that was a former exempting company (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002:
(a) whether the company has an exempting surplus or an exempting deficit for the purposes of the Income Tax Assessment Act 1997 at a time after 30 June 2002;
(b) the company ' s class A exempting account balance (as defined in that Part) at a time after 30 June 2002;
(c) the company ' s class C exempting account balance (as defined in that Part) at a time after 30 June 2002.
Class A exempting surplus at the end of 30 June 2002
208-111(2)
If the company had a class A exempting surplus (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002:
(a) a class A exempting debit equal to the surplus is taken to have arisen immediately before the end of 30 June 2002 for the purposes of that Part; and
(b) an exempting credit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208-110 of the Income Tax Assessment Act 1997 :
| Amount of the surplus × |
39
61 |
Note:
Section 205-5 (with former sections 160APU and 160AQCNM of the Income Tax Assessment Act 1936 ) may affect whether the company had such a surplus at the end of 30 June 2002 and the amount of that surplus, but this section does not (because this section affects the company ' s exempting account balance only after then).
Class C exempting surplus at the end of 30 June 2002
208-111(3)
If the company had a class C exempting surplus (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002:
(a) a class C exempting debit equal to the surplus is taken to have arisen immediately before the end of 30 June 2002 for the purposes of that Part; and
(b) an exempting credit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208-110 of the Income Tax Assessment Act 1997 :
| Amount of the surplus × |
30
70 |
Note:
Section 205-5 (with former sections 160APU and 160AQCNM of the Income Tax Assessment Act 1936 ) may affect whether the company had such a surplus at the end of 30 June 2002 and the amount of that surplus, but this section does not (because this section affects the company ' s exempting account balance only after then).
Class A exempting deficit at end of 30 June 2002
208-111(4)
If the company had a class A exempting deficit (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002 and its 2001-02 franking year (as defined in that Part) ended earlier:
(a) a class A exempting credit equal to the deficit is taken to have arisen at the end of 30 June 2002 for the purposes of that Part; and
(b) an exempting debit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208-110 of the Income Tax Assessment Act 1997 :
| Amount of the deficit × |
39
61 |
Note:
If the company ' s 2001-02 franking year ended at the end of 30 June 2002 and it would have had a class A exempting deficit at that time apart from former section 160AQCNO of the Income Tax Assessment Act 1936 , that section will have eliminated the deficit and either:
Class C exempting deficit at end of 30 June 2002
208-111(5)
If the company had a class C exempting deficit (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002 and its 2001-02 franking year (as defined in that Part) ended earlier:
(a) a class C exempting credit equal to the deficit is taken to have arisen at the end of 30 June 2002 for the purposes of that Part; and
(b) an exempting debit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208-110 of the Income Tax Assessment Act 1997 :
| Amount of the deficit × |
30
70 |
Note:
If the company ' s 2001-02 franking year ended at the end of 30 June 2002 and it would have had a class C exempting deficit at that time apart from former section 160AQCNO of the Income Tax Assessment Act 1936 , that section will have eliminated the deficit and either:
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