Document ID: chunk:federal_register_of_legislation:C2025C00029:section:8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 8
Character Range: 3628059–3630428

8                 the entity *receives a refund of diverted profits tax; and                                                                                                                                                                                        an amount equal to that part of the refund that is attributable to the period during which the entity is an exempting entity, multiplied by the proportion worked out under subsection (2)                                                                              on the day on which the refund is received
                  the entity was an *exempting entity during all or part of the income year to which the refund relates; and
                  the entity satisfies the *residency requirement for the income year to which the refund relates

 (2) The proportion is the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936) divided by 40%.

208‑125  Exempting surplus and deficit
 (1) An entity's *exempting account is in surplus at a particular time if, at that time, the sum of the *exempting credits in the account exceeds the sum of the *exempting debits in the account. The amount of the exempting surplus is the amount of the excess.
 (2) An entity's *exempting account is in deficit at a particular time if, at that time, the sum of the *exempting debits in the account exceeds the sum of the *exempting credits in the account. The amount of the exempting deficit is the amount of the excess.

208‑130  Franking credits arising because of status as exempting entity or former exempting entity
  The following table sets out when a credit arises in the *franking account of an entity because of its status as an *exempting entity or *former exempting entity.

Franking credits arising because of status as an exempting entity or former exempting entity
Item                                                                                          If:                                                                                                                                                                                                                                                                       A credit of:                                                                                                                         Arises: