INCOME TAX ASSESSMENT ACT 1997 - SECT 205.40 Franking surplus and deficit
INCOME TAX ASSESSMENT ACT 1997 - SECT 205.40
Franking surplus and deficit(1) An entity's * franking account is in surplus at a particular time if, at that time, the sum of the * franking credits in the account exceeds the sum of the * franking debits in the account. The amount of the franking surplus is the amount of the excess.
(2) An entity's * franking account is in deficit at a
particular time if, at that time, the sum of the * franking debits in the
account exceeds the sum of the * franking credits in the account. The amount
of the franking deficit is the amount of the excess.