1

an entity becomes a * former exempting entity; and

the entity has a * franking deficit at the time it becomes a former exempting entity

an amount equal to the franking deficit

immediately after the entity becomes a former exempting entity

2

an entity receives a * distribution * franked with an exempting credit; and

the entity is an * exempting entity at the time the distribution is made; and

the entity satisfies the * residency requirement for the income year in which the distribution is made and at the time the distribution is made; and

some part of the distribution is neither * exempt income nor * non - assessable non - exempt income of the entity; and

an amount worked out under subsection   208 - 165(1)

on the day on which the distribution is made

the entity is an * eligible continuing substantial member in relation to the distribution; and

the distribution is not affected by a manipulation of the imputation system mentioned in section   208 - 160

3

the entity receives a * distribution * franked with an exempting credit; and

the entity is an * exempting entity at the time the distribution is made; and

the entity satisfies the * residency requirement for the income year in which the distribution is made and at the time the distribution is made; and

some part of the distribution is neither * exempt income nor * non - assessable non - exempt income of the entity; and

the entity is an * eligible continuing substantial member in relation to the distribution; and

the Commissioner has made a determination under paragraph   177EA(5)(b) of the Income Tax Assessment Act 1936 that no franking credit benefit (within the meaning of that section) is to arise in respect of a specified part of the distribution

an amount worked out under subsection   208 - 170(1)

on the day on which the distribution is made

4

a * distribution * franked with an exempting credit * flows indirectly to the entity (the ultimate recipient ); and

the recipient of the distribution is an * eligible continuing substantial member in relation to the distribution; and

except for the fact that the ultimate recipient is not an eligible continuing substantial member in relation to the distribution, it would have been entitled to a * franking credit because of the distribution had the distribution been made to the ultimate recipient

an amount equal to the franking credit that would have arisen for the ultimate recipient if:

(a)   the ultimate recipient had been an eligible continuing substantial member in relation to the distribution; and

(b)   the distribution had been made to the ultimate recipient; and

(c)   the distribution had been franked with a franking credit equal to the ultimate recipient's * share of the actual franking credit

on the day on which the distribution is made

5

an * exempting entity makes a * franked distribution to the entity (the recipient ); and

at the time the distribution is made:

(a)   the recipient is an exempting entity; and

(b)   the recipient satisfies the * residency requirement; and

(c)   the relationship between the entities is of the type mentioned in section   208 - 135; and

an amount worked out using the formula in subsection   208 - 165(2)

on the day on which the distribution is made

the recipient satisfies the residency requirement for the income year in which the distribution is made; and

some part of the distribution is neither * exempt income nor * non - assessable non - exempt income of the recipient; and

the distribution is not affected by a manipulation of the imputation system mentioned in section   208 - 160

6

an * exempting entity makes a * franked distribution to the entity (the recipient ); and

at the time the distribution is made:

(a)   the recipient is an exempting entity; and

(b)   the recipient satisfies the * residency requirement; and

(c)   the relationship between the entities is of the type mentioned in section   208 - 135; and

the recipient satisfies the residency requirement for the income year in which the distribution is made; and

some part of the distribution is neither * exempt income nor * non - assessable non - exempt income of the recipient; and

the Commissioner has made a

an amount worked out using the formula in subsection   208 - 170(2)

on the day on which the distribution is made

determination under paragraph   177EA(5)(b) of the Income Tax Assessment Act 1936 that no franking credit benefit (within the meaning of that section) is to arise in respect of a specified part of the distribution

7

a * distribution made by an * exempting entity * flows indirectly to the entity (the ultimate recipient ); and

the recipient of the distribution is an * eligible continuing substantial member in relation to the distribution; and

except for the fact that the ultimate recipient is not an eligible continuing substantial member in relation to the distribution, it would have been entitled to a * franking credit because of the distribution had the distribution been made to the ultimate recipient

an amount equal to the franking credit that would have arisen for the ultimate recipient if:

(a)   the ultimate recipient had been an eligible continuing substantial member in relation to the distribution; and

(b)   the distribution had been made to the ultimate recipient; and

(c)   the distribution had been franked with a franking credit equal to the ultimate recipient's * share of the actual franking credit

on the day on which the distribution is made

8

the Minister makes a determination under paragraph   208 - 185(4)(b) giving rise to a * franking credit for the entity

the amount of the credit specified in the determination

on the day specified in the determination

9

an * exempting debit arises for the entity under item   3, 5 or 8 of the table in section   208 - 120

an amount equal to the exempting debit

when the exempting debit arises

10

a * former exempting 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 it becomes an exempting entity