Document ID: chunk:federal_register_of_legislation:C2025C00029:section:9:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 9 (pt 3/3)
Character Range: 3475977–3478249

a PAYG instalment in respect of an income year; and
 (b) a credit allowable under section 45‑30 in Schedule 1 to the Taxation Administration Act 1953 in respect of that income year is included in the RBA; and
 (c) the RBA does not include the liability to pay the *PAYG instalment; and
 (d) the amount of the credit exceeds the income tax assessed to the entity in respect of that income year;
the amount of the PAYG instalment paid by virtue of the application of the surplus is reduced by the amount of the excess mentioned in paragraph (d).

205‑25  Residency requirement for an event giving rise to a franking credit or franking debit
 (1) An entity satisfies the residency requirement for an income year in which, or in relation to which, an event specified in a relevant table occurs if:
 (a) the entity is a company, or a *corporate limited partnership, to which at least one of the following subparagraphs applies:
 (i) the entity is an Australian resident for more than one half of the 12 months immediately preceding the event if the event occurs before the end of the income year;
 (ii) the entity is an Australian resident at all times during the income year when the entity exists if the event occurs at or after the end of the income year;
 (iii) the entity is an Australian resident for more than one half of the income year (whether or not the event occurs before the end of the income year); or
 (c) the entity is a *public trading trust for the income year.
 (2) The tables in sections 205‑15 and 205‑30 are relevant for the purposes of subsection (1).

205‑30  Franking debits
 (1) The following table sets out when a debit arises in the *franking account of an entity and the amount of the debit. The debit is called a franking debit.

Debits in the franking account
Item                            If:                                                                                                                                                                                          A debit of:                                                                                                                                                                                                                                                      Arises: