INCOME TAX ASSESSMENT ACT 1997 - SECT 205.10 Each entity that is or has been a corporate tax entity has a franking account

INCOME TAX ASSESSMENT ACT 1997 - SECT 205.10

    There is a franking account for each entity that is, or has at any time been, a * corporate tax entity.

Note:   The balance in the franking account on 1   July 2002 will either be nil or, if the entity had a franking surplus or deficit immediately before 1   July 2002 under the imputation scheme existing at that time, an amount calculated under the Income Tax (Transitional Provisions) Act 1997 .