1

the entity had a * franking deficit at the time it became a * former exempting entity (at the time of its transition )

an amount equal to:

(a)   in a case not covered by paragraph   (b)--the franking deficit; or

(b)   if the entity has been a former exempting entity at any time within a period of 12 months before its transition--so much of the franking deficit as would have been the entity's * exempting deficit had it remained a former exempting entity throughout the period

immediately after its transition

2

the entity makes a * distribution * franked with an exempting credit

an amount equal to the * exempting credit on the distribution

on the day on which the distribution is made

3

the entity * receives a refund of income tax; and

the entity was an * exempting entity during all or part of the income year to which the refund relates; and

the entity satisfies the * residency requirement for the income year to which the refund relates

an amount equal to that part of the refund that is attributable to the period during which the entity is an exempting entity

on the day on which the refund is received

4

the Commissioner makes a determination under paragraph   204 - 30(3)(b) giving rise to an * exempting debit for the entity (streaming distributions)

the amount specified in the determination

on the day specified in section   204 - 35

5

a * franking debit arises for the entity under section   204 - 15 (linked distributions), 204 - 25 (substituting tax - exempt bonus shares for franked distributions) or a determination made under paragraph   204 - 30(3)(a) (streaming distributions); and

the entity was an * exempting entity for the whole or part of the period to which the franking debit relates

an amount equal to that part of the franking debit that relates to the period during which the entity was an exempting entity

when the franking debit arises

6

the Minister makes a determination under paragraph   208 - 185(4)(a) giving rise to an * exempting debit for the entity

the amount specified in the determination

on the day specified in the determination

7

the entity becomes an * exempting entity; and

the entity has an * exempting surplus at the time it becomes an exempting entity

an amount equal to the exempting surplus

immediately after the entity becomes an exempting entity

8

the entity * receives a refund of diverted profits tax; and

the entity was an * exempting entity during all or part of the income year to which the refund relates; and

the entity satisfies the * residency requirement for the income year to which the refund relates

an amount equal to that part of the refund that is attributable to the period during which the entity is an exempting entity, multiplied by the proportion worked out under subsection   (2)

on the day on which the refund is received