Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:13_1
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 13 cl 1
Character Range: 135495–136984

1                  the entity had a *franking surplus at the time it became a *former exempting entity (at the time of its transition)                                                                                                                                                         an amount equal to:                                                                                                                                                                                                                                                     immediately after its transition
                                                                                                                                                                                                                                                                                               (a) in a case not covered by paragraph (b)—the franking surplus; or
                                                                                                                                                                                                                                                                                               (b) if the entity has been a former exempting entity at any time within a period of 12 months before its transition—so much of the franking surplus as would have been the entity's *exempting surplus had it remained a former exempting entity throughout the period