Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:13_7
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 13 cl 7
Character Range: 149390–151490

7                 the entity becomes an *exempting entity; and                                                                                                                                                                                                      an amount equal to the exempting surplus                                                                                                                                                                                                                                immediately after the entity becomes an exempting entity
                  the entity has an *exempting surplus at the time it becomes an exempting entity

208‑125  Exempting surplus and deficit
 (1) An entity's *exempting account is in surplus at a particular time if, at that time, the sum of the *exempting credits in the account exceeds the sum of the *exempting debits in the account. The amount of the exempting surplus is the amount of the excess.
 (2) An entity's *exempting account is in deficit at a particular time if, at that time, the sum of the *exempting debits in the account exceeds the sum of the *exempting credits in the account. The amount of the exempting deficit is the amount of the excess.

208‑130  Franking credits arising because of status as exempting entity or former exempting entity
  The following table sets out when a credit arises in the *franking account of an entity because of its status as an *exempting entity or *former exempting entity.

Franking credits arising because of status as an exempting entity or former exempting entity
Item                                                                                          If:                                                                                                                                                                                                                                                                       A credit of:                                                                                                                         Arises: