Commonwealth Consolidated Acts Commonwealth Consolidated ActsThis Division:
• creates a franking account for each entity that is, or has been, a corporate tax entity; and
• identifies when franking credits and debits arise in those accounts and the amount of those credits and debits; and
• identifies when there is a franking surplus or deficit in the account; and
• creates a liability to pay franking deficit tax if the account is in deficit at certain times; and
• creates a tax offset for that liability.
Table of sections
205-5 Franking accounts, franking deficit tax liabilities and the related tax offset
Operative provisions
205-10 Each entity that is or has been a corporate tax entity has a franking account
205-15 Franking credits
205-20 Paying a PAYG instalment or income tax
205-25 Residency requirement for an event giving rise to a franking credit or franking debit
205-30 Franking debits
205-35 Refund of income tax
205-40 Franking surplus and deficit
205-45 Franking deficit tax
205-50 Deferring franking deficit
205-70 Tax offset arising from franking deficit tax liabilities