Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p5
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 5/21)
Character Range: 361334–363818

this section for the relevant year.

Application of the 30% reduction rule
 (5) If a franking credit has been taken into account previously in reducing an amount worked out under a step in the method statement in:
 (a) subsection (3) or (4); or
 (b) section 205‑70 of the Income Tax Assessment Act 1997;
that credit is not to be taken into account again in reducing another amount worked out under a step in such a method statement.
 (6) The 30% reductions for an entity in steps 2 and 3 of the method statement in subsection (3), and in steps 1, 2, 3 and 4 of the method statement in subsection (4), apply only to franking deficit tax that is attributable to franking debits of the entity:
 (a) that arose under table item 1, 3, 5 or 6 in section 205‑30 of the Income Tax Assessment Act 1997 for the relevant income year; and
 (b) if the entity has franking debits covered by paragraph (a) for the relevant income year—that arose under table item 2 in that section of that Act for the relevant income year.
 (7) The 30% reductions in those steps do not apply in working out the amount of the tax offset to which an entity is entitled for the relevant year if the Commissioner determines in writing, on application by the entity in the approved form, that the excess referred to in those steps was due to events outside the control of the entity.
 (8) A determination under subsection (7) is not a legislative instrument.

205‑71  Modification of franking deficit tax offset rules
 (1) This section applies to events that occur on or after 1 July 2002 and before the start of the 2004‑05 income year.
 (2) The 30% reductions for an entity in steps 1 and 2 of the method statement in subsection 205‑70(2) of the Income Tax Assessment Act 1997 apply only to franking deficit tax that is attributable to franking debits of the entity:
 (a) that arose under table item 1, 3, 5 or 6 in section 205‑30 of the Income Tax Assessment Act 1997 for the relevant income year; and
 (b) if the entity has franking debits covered by paragraph (a) for the relevant income year—that arose under table item 2 in that section of that Act for the relevant income year.
 (3) The 30% reductions in steps 1 and 2 of the method statement in subsection 205‑70(2) of the Income Tax Assessment Act 1997 do not apply in working out the amount of the tax offset to which an entity is entitled for the relevant year if the Commissioner determines in writing, on application by the entity in the approved form, that