Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p1
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 1/64)
Character Range: 401011–404128

3                                                      All these conditions are met:                                                                                 The difference between:
                                                       (a) item 1 does not apply;                                                                                    (a) the franking surplus in the Australian company's franking account at the switch time; and
                                                       (b) the Australian company's franking account was in surplus at the start of the period;                      (b) the franking surplus in the Australian company's franking account at the start of the period
                                                       (c) the surplus in the account at the switch time is greater than the surplus at the start of the period

No franking credit or exempting debit in some cases
 (8) Subsections (5) and (6) do not have effect if:
 (a) the start of the period is not immediately after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997; and
 (b) the franking surplus in the Australian company's franking account at the switch time is not greater than the franking surplus in the Australian company's franking account at the start of the period.

Part 3‑10—Financial transactions

Division 235—Particular financial transactions

Table of Subdivisions
235‑I Instalment trusts

Subdivision 235‑I—Instalment trusts

Table of sections
235‑810 Application of Subdivision 235‑I of the Income Tax Assessment Act 1997

235‑810  Application of Subdivision 235‑I of the Income Tax Assessment Act 1997
  Subdivision 235‑I of the Income Tax Assessment Act 1997 applies to assets acquired by the trustee of an instalment trust in:
 (a) the 2007‑08 income year; or
 (b) a later income year.

Division 242—Leases of luxury cars

Table of sections
242‑10 Application
242‑20 Balancing adjustments

242‑10  Application
 (1) Division 242 of the Income Tax Assessment Act 1997 (the new Division) applies to assessments for the 2010‑11 income year and later years.
 (2) However, the new Division does not apply to a lease of a car if the lease was granted on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996 unless the lease was extended after that time (whether the extension took effect before or after that time).
 (3) The definition of luxury car in subsection 995‑1(1) of the Income Tax Assessment Act 1997 applies to a reduction under former section 57AF of the Income Tax Assessment Act 1936 or former section 42‑80 of the Income Tax Assessment Act 1997 in the same way as it applies to a reduction under section 40‑230 of the Income Tax Assessment Act 1997.

242‑20  Balancing adjustments
  Sections 242‑20 and 242‑90 of the Income Tax Assessment Act 1997 apply to an amount included in assessable income under former Subdivision 42‑F or 42‑G of the Income Tax Assessment Act 1997 and former subsection 59(2) of the Income Tax Assessment Act 1936 in the same way as they apply to an amount included in assessable income under