Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:11_154:p1
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 11 cl 154 (pt 1/3)
Character Range: 166546–169057

154  After Division 205
Insert:

Division 208—Exempting entities and former exempting entities

Table of sections

208‑111 Converting former exempting company's exempting account balance on 30 June 2002

208‑111  Converting former exempting company's exempting account balance on 30 June 2002

 (1) This section has effect for the purposes of working out the following for a company that was a former exempting company (as defined in Part IIIAA of the Income Tax Assessment Act 1936) at the end of 30 June 2002:
 (a) whether the company has an exempting surplus or an exempting deficit for the purposes of the Income Tax Assessment Act 1997 at a time after 30 June 2002;
 (b) the company's class A exempting account balance (as defined in that Part) at a time after 30 June 2002;
 (c) the company's class C exempting account balance (as defined in that Part) at a time after 30 June 2002.

Class A exempting surplus at the end of 30 June 2002

 (2) If the company had a class A exempting surplus (as defined in Part IIIAA of the Income Tax Assessment Act 1936) at the end of 30 June 2002:
 (a) a class A exempting debit equal to the surplus is taken to have arisen immediately before the end of 30 June 2002 for the purposes of that Part; and
 (b) an exempting credit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208‑110 of the Income Tax Assessment Act 1997:

Note: Section 205‑5 (with sections 160APU and 160AQCNM of the Income Tax Assessment Act 1936) may affect whether the company had such a surplus at the end of 30 June 2002 and the amount of that surplus, but this section does not (because this section affects the company's exempting account balance only after then).

Class C exempting surplus at the end of 30 June 2002

 (3) If the company had a class C exempting surplus (as defined in Part IIIAA of the Income Tax Assessment Act 1936) at the end of 30 June 2002:
 (a) a class C exempting debit equal to the surplus is taken to have arisen immediately before the end of 30 June 2002 for the purposes of that Part; and
 (b) an exempting credit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208‑110 of the Income Tax Assessment Act 1997:

Note: Section 205‑5 (with sections 160APU and 160AQCNM of the Income Tax Assessment Act 1936) may affect whether the company had such a