Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p34
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 34/34)
Character Range: 3609953–3612437

credits and debits arise in those accounts and the amount of those credits and debits; and
         • identifies when there is an exempting surplus or deficit in the account; and
         • identifies when franking credits and debits arise in the franking account of an entity because it is an exempting entity, or former exempting entity.

Table of sections

Operative provisions
208‑110 Exempting account
208‑115 Exempting credits
208‑120 Exempting debits
208‑125 Exempting surplus and deficit
208‑130 Franking credits arising because of status as exempting entity or former exempting entity
208‑135 Relationships that will give rise to a franking credit under item 5 of the table in section 208‑130
208‑140 Membership of the same effectively wholly‑owned group
208‑145 Franking debits arising because of status as exempting entity or former exempting entity
208‑150 Residency requirement
208‑155 Eligible continuing substantial member
208‑160 Distributions that are affected by a manipulation of the imputation system
208‑165 Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit
208‑170 Where a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 affects part of the distribution
208‑175 When does a distribution franked with an exempting credit flow indirectly to an entity?
208‑180 What is an entity's share of the exempting credit on a distribution?
208‑185 Minister may convert exempting surplus to franking credit of former exempting entity previously owned by the Commonwealth

Operative provisions

208‑110  Exempting account
  Each *former exempting entity has an exempting account.

208‑115  Exempting credits
 (1) The following table sets out when a credit arises in the *exempting account of a *former exempting entity. A credit in the former exempting entity's account is called an exempting credit.

Exempting Credits
Item               If:                                                                                                                                                                                                                                                                         A credit of:                                                                                                                                                                                                                                                            Arises: