Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The amount of the * franking debit arising because of a determination by the Commissioner under paragraph 204 - 30(3)(a) must not exceed:
(a) if the specified * distribution has been * franked--the difference between the amount of the * franking credit on the distribution and an amount worked out by multiplying the amount of the distribution by the highest * franking percentage at which a distribution to a favoured member is franked; or
(b) if the specified distribution, although * frankable, has not been franked--an amount worked out by multiplying the amount of the distribution by the highest franking percentage at which a distribution to a favoured member is franked; or
(c) if the specified distribution is * unfrankable--an amount worked out by multiplying the amount of the distribution by the highest franking percentage at which a distribution to a favoured member is franked; or
(d) if the specified benefit is the issue of bonus shares from a share premium account--an amount worked out by multiplying the amount debited to the share premium account in respect of the bonus shares by the highest franking percentage at which a distribution to a favoured member is franked; or
(e) if some other benefit is specified--an amount worked out by multiplying the value of the benefit by the highest franking percentage at which a distribution to a favoured member is franked.
(2) In specifying the * franking debit, the Commissioner must have regard to:
(a) any * franking debit already arising in the * franking account of the entity under paragraph 203 - 50(1)(b) because the entity franked the specified * distribution in breach of the * benchmark rule; and
(b) any franking debit already arising in the franking account of the entity, because of the specified distribution or benefit, under section 204 - 15 (about linked distributions) or section 204 - 25 (about substituting * tax - exempt bonus shares for * franked distributions).