Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p51
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 51/79)
Character Range: 4967109–4970037

the demutualisation resolution day identified under subsection 316‑70(4).
 (2) The amount of the *franking debit equals the *surplus.
 (3) The *franking debit arises at the start of that day.

316‑265  Franking debits to negate franking credits from some distributions to friendly society and subsidiaries
 (1) This section applies if a *franking credit arises in the *franking account of the *friendly society or a *wholly‑owned subsidiary of the society because a *distribution declared before the demutualisation resolution day identified under subsection 316‑70(4) is made to the society or subsidiary on or after that day.
 (2) A *franking debit arises in that account.
 (3) The amount of the *franking debit equals the amount of the *franking credit.
 (4) The *franking debit arises at the same time as the *franking credit arises.

316‑270  Franking debits to negate franking credits from post‑demutualisation payments of pre‑demutualisation tax
 (1) This section applies if a *franking credit arises in the *franking account of the *friendly society or a *wholly‑owned subsidiary of the society because, on or after the demutualisation resolution day identified under subsection 316‑70(4), the society or subsidiary *pays a PAYG instalment, or *pays income tax, that is wholly or partly attributable to a period before that day.
 (2) A *franking debit arises in that account.
 (3) The amount of the *franking debit is so much of the *franking credit as is attributable to the period before that day.
 (4) The *franking debit arises at the same time as the *franking credit arises.

316‑275  Franking credits to negate franking debits from refunds of tax paid before demutualisation
 (1) This section applies if a *franking debit arises in the *franking account of the *friendly society or a *wholly‑owned subsidiary of the society because, on or after the demutualisation resolution day identified under subsection 316‑70(4), the society or subsidiary *receives a refund of income tax that is wholly or partly attributable to a period before that day.
 (2) A *franking credit arises in that account.
 (3) The amount of the *franking credit is so much of the *franking debit as is attributable to the period before that day.
 (4) The *franking credit arises at the same time as the *franking debit arises.

Part 3‑35—Insurance business

Division 320—Life insurance companies

Table of Subdivisions
 Guide to Division 320
320‑A Preliminary
320‑B What is included in a life insurance company's assessable income
320‑C Deductions and capital losses
320‑D Income tax, taxable income and tax loss of life insurance companies
320‑E No‑TFN contributions of life insurance companies that are RSA providers
320‑F Complying superannuation asset pool
320‑H Segregation of assets to discharge exempt life insurance policy liabilities
320‑I Transfers of business

Guide to Division 320

320‑1  What this Division is about

      This