Commonwealth Numbered Acts
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NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 No. 50, 2002 - SECT 5
Amount of tax
The amount of franking deficit tax is equal to:
- (a)
- in a case where a corporate tax entity is liable to pay franking deficit
tax because the entity has a franking deficit at the end of an
income year—the amount of the entity's franking deficit at the end of the
income year; and
- (b)
- in a case where a corporate tax entity is liable to pay franking deficit
tax because the entity has a franking deficit immediately before it ceases to
be a franking entity—the amount of the entity's franking deficit
immediately before it ceases to be a franking entity.
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