Document ID: chunk:federal_register_of_legislation:C2004C01224:section:5
Version: federal_register_of_legislation:C2004C01224
Segment Type: section
Provision Reference: s 5
Character Range: 1761–4114

5  Amount of tax

  The amount of franking deficit tax is equal to:
 (a) in a case where a corporate tax entity is liable to pay franking deficit tax under subsection 205‑45(2) of the Income Tax Assessment Act 1997 because the entity has a franking deficit at the end of an income year—the amount of the entity's franking deficit at the end of the income year; and
 (b) in a case where a corporate tax entity is liable to pay franking deficit tax under subsection 205‑45(3) of the Income Tax Assessment Act 1997 because the entity has a franking deficit immediately before it ceases to be a franking entity—the amount of the entity's franking deficit immediately before it ceases to be a franking entity; and
 (c) in a case where a corporate tax entity is liable to pay franking deficit tax under subsection 205‑25(2) of the Income Tax (Transitional Provisions) Act 1997 because the entity has a franking deficit at the end of 30 June in the year 2003 or a later year—the amount of the entity's franking deficit at that time; and
 (d) in a case where a corporate tax entity is liable to pay franking deficit tax under subsection 205‑25(3) of the Income Tax (Transitional Provisions) Act 1997 because the entity has a franking deficit immediately before it ceases to be a franking entity—the amount of the entity's franking deficit immediately before it ceases to be a franking entity.
Notes to the New Business Tax System (Franking Deficit Tax) Act 2002

Note 1

The New Business Tax System (Franking Deficit Tax) Act 2002 as shown in this compilation comprises Act No. 50, 2002 amended as indicated in the Tables below.

Table of Acts
Act  Number    Date       Date of commencement  Application, saving or transitional provisions
     and year  of Assent

New Business Tax System (Franking Deficit Tax) Act 2002            50, 2002   29 June 2002  29 June 2002
New Business Tax System (Franking Deficit Tax) Amendment Act 2002  118, 2002  2 Dec 2002    Schedule 1: 29 June 2002 (see s. 2(1))  —
                                                                                            Remainder: Royal Assent

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
 Provision affected        How affected
S. 3....................  am. No. 118, 2002
S. 5....................  am. No. 118, 2002