Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 205.35

                   If:

                     (a)  an entity's 2001-02 income year ends after 30 June 2002; and

                     (b)  its franking account is in deficit at the end of that income year;

the entity is not liable to pay franking deficit tax under subsection 205- 45(2) of the Income Tax Assessment Act 1997 because the account is in deficit at that time.