Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p47
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 47/48)
Character Range: 344270–347004

determination;
 (c) a determination by the Commissioner of an estimated debit (including a determination in substitution for an earlier determination);
 (d) the service of notice of any such determination on a company;
 (e) the deemed determination of an estimated debit in accordance with an application (including an application for a determination in substitution for an earlier determination);
 (f) the deemed service of notice of a determination on a company (including service of notice of a determination in substitution for an earlier determination).

Division 203—Benchmark rule

Table of sections
203‑1 Franking periods straddling 1 July 2002

203‑1  Franking periods straddling 1 July 2002
  Where, but for this section, 1 July 2002 would fall within a franking period for a corporate tax entity, but would not be the first day of the franking period, the franking period:
 (a) is taken to begin at the start of 1 July 2002; and
 (b) is taken to end when it would otherwise have ended.

Division 205—Franking accounts

Table of sections
205‑1 Order of events provision
205‑5 Washing estimated debits out of the franking account before conversion
205‑10 Converting the franking account balance to a tax paid basis—companies whose 2001‑02 franking year ends on 30 June 2002
205‑15 Converting the franking account balance to a tax paid basis—companies whose 2001‑02 franking year ends before 30 June 2002
205‑20 A late balancing company may elect to have its FDT liability determined on 30 June
205‑25 Franking deficit tax
205‑30 Deferring franking deficit
205‑35 No franking deficit tax if franking account in deficit at the close of the 2001‑02 income year of a late balancing entity
205‑70 Tax offset arising from franking deficit tax liabilities
205‑71 Modification of franking deficit tax offset rules
205‑75 Working out the tax offset for the first income year
205‑80 Application of Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936

205‑1  Order of events provision
  If a company has a franking account under former Part IIIAA of the Income Tax Assessment Act 1936 (the old account) at the end of 30 June 2002, the old account is closed off and an opening balance is created in the company's franking account under section 205‑10 as follows:
 (a) any estimated debits in the old account at the end of 30 June 2002 are washed out of the account under section 205‑5; and
 (b) then:
 (i) in the case of a company whose 2001‑02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936—the company's franking account balances are converted under section 205‑10 to a tax paid basis; and
 (ii) in the case of a company whose 2001‑02 franking year