Document ID: chunk:federal_register_of_legislation:C2010C00605:clause:17_4:p4
Version: federal_register_of_legislation:C2010C00605
Segment Type: clause
Provision Reference: sch 17 cl 4 (pt 4/4)
Character Range: 247980–249018

profits of the entity are less than nil:
 (i) when the last of the committed distributions is made; or
 (ii) immediately before the end of the income year following the income year in which the *non‑share dividend is paid;
whichever is earlier.

 (4) The *franking debit is equal to the lesser of:
 (a) the amount by which the *available frankable profits is below nil; and
 (b) the amount of the franked part of the *non‑share dividend (worked out using subsection 215‑20(2)) or, if more than one non‑share dividend is made at the relevant time, the sum of the amounts of the franked parts of those non‑share dividends.

 (5) In working out the entity's *available frankable profits for the purposes of subsection (3) or (4), disregard:
 (a) any *distributions that:
 (i) the entity announces, or becomes committed to or resolves (formally or informally) to pay after the payment of the *non‑share dividend; and
 (ii) have not been paid; and
 (b) any estimate made by the entity under subsection (1) after the non‑share dividend is paid.