Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 316.275

             (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.

Table of Subdivisions

             Guide to Division 320

320-A   Preliminary

320-B    What is included in a life insurance company's assessable income

320-C    Deductions and capital losses

320-D   Income tax, taxable income and tax loss of life insurance companies

320-E    No-TFN contributions of life insurance companies that are RSA providers

320-F    Complying superannuation/FHSA asset pool

320-H   Segregation of assets to discharge exempt life insurance policy liabilities

320-I     Transfers of business

Guide to Division 320