Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p21
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 21/21)
Character Range: 399499–400281

Australian company's exempting account immediately after the switch time.
Note: This exempting debit will partly or fully offset the exempting credit that arises under item 1 of the table in section 208‑115 of the Income Tax Assessment Act 1997 because the Australian company becomes a former exempting entity at the switch time.

Amount of franking credit and exempting debit
 (7) Work out the amount of the franking credit arising under subsection (5) and the exempting debit arising under subsection (6) using the table:

Amount of the franking credit and the exempting debit
Item                                                   If:                                                                                                           The amount of the credit and debit is: