Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p31
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 31/59)
Character Range: 7944271–7947042

debts) apply to certain arrangements as if the arrangements were forgiveness of debts: see section 245‑45.
forgiveness income year, in relation to a debt that is *forgiven, means the income year in which the debt is forgiven.
form approved by Industry Innovation and Science Australia has the same meaning as in section 33‑5 of the Venture Capital Act 2002.
former exempting entity has the meaning given by section 208‑50.
fourth element expenditure has the meaning given by section 104‑185.
frankable distribution has the meaning given by section 202‑40.
frankable with a venture capital credit has the meaning given by section 210‑50.
franked distribution: a *distribution is franked if an entity *franks it in accordance with section 202‑5.
franked part of a *distribution has the meaning given by section 976‑1.
franking account means an account that arises under section 205‑10.
Note 1: Section 205‑15 sets out when a credit arises in that account.
Note 2: Section 205‑30 sets out when a debit arises in that account.
franking account balance has the meaning given by section 214‑30.
franking assessment has the meaning given by subsection 214‑60(1) and affected by section 214‑100.
franking credit has the meaning given by section 205‑15.
franking debit has the meaning given by section 205‑30.
franking deficit has the meaning given by subsection 205‑40(2).
franking deficit tax means tax imposed under the New Business Tax System (Franking Deficit Tax) Act 2002.
Note: That Act imposes tax where it is payable under section 205‑45 of this Act.
franking entity has the meaning given by section 202‑15.
franking percentage has the meaning given by section 203‑35.
franking period has the meaning given by sections 203‑40 and 203‑45.
franking return means a return required under Subdivision 214‑A.
franking surplus has the meaning given by subsection 205‑40(1).
franking tax has the meaning given by section 214‑40.
franks with an exempting credit has the meaning given by section 208‑60.
frank with a venture capital credit has the meaning given by section 210‑30.
friendly society means:
 (a) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or
 (b) a body that is registered or incorporated as a friendly society under a *State law or a *Territory law; or
 (c) a body that is permitted, by a *State law or a *Territory law, to assume or use the expression friendly society; or
 (d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a *State law or a *Territory law.
friendly society dispensary means an approved pharmacist (within the meaning of