Document ID: chunk:federal_register_of_legislation:C2010C00406:clause:3_1:p12
Version: federal_register_of_legislation:C2010C00406
Segment Type: clause
Provision Reference: sch 3 cl 1 (pt 12/12)
Character Range: 60712–62461

*franking debit arises in that account.

 (3) The amount of the *franking debit equals the amount of the *franking credit.

 (4) The *franking debit arises at the same time as the *franking credit arises.

316‑270  Franking debits to negate franking credits from post‑demutualisation payments of pre‑demutualisation tax

 (1) This section applies if a *franking credit arises in the *franking account of the *friendly society or a *wholly‑owned subsidiary of the society because, on or after the demutualisation resolution day identified under subsection 316‑70(4), the society or subsidiary *pays a PAYG instalment, or *pays income tax, that is wholly or partly attributable to a period before that day.

 (2) A *franking debit arises in that account.

 (3) The amount of the *franking debit is so much of the *franking credit as is attributable to the period before that day.

 (4) The *franking debit arises at the same time as the *franking credit arises.

316‑275  Franking credits to negate franking debits from refunds of tax paid before demutualisation

 (1) This section applies if a *franking debit arises in the *franking account of the *friendly society or a *wholly‑owned subsidiary of the society because, on or after the demutualisation resolution day identified under subsection 316‑70(4), the society or subsidiary *receives a refund of income tax that is wholly or partly attributable to a period before that day.

 (2) A *franking credit arises in that account.

 (3) The amount of the *franking credit is so much of the *franking debit as is attributable to the period before that day.

 (4) The *franking credit arises at the same time as the *franking debit arises.

Part 2—Related amendments

Income Tax Assessment Act 1936