Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 205.40

  (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.