Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Use the following formula to work out the amount of a * corporate tax entity's available frankable profits at a particular time:
where:
"committed share dividends" means the sum of:
(a) the amounts of any * distributions that are not * non - share dividends and are paid by the entity at that time; and
(b) if the entity has announced that it will pay distributions that are not non - share dividends at a later time, or is committed or has resolved (formally or informally) to paying such distributions at a later time--the amounts of those distributions.
"maximum frankable amount" means the maximum amount of * frankable * distributions (other than * non - share dividends) that the * corporate tax entity could pay at that time having regard to its available profits at that time.
"undebited non-share dividends" means the sum of the amounts of the franked parts of the * non - share dividends (worked out under subsection (2)) that:
(a) were not debited to available profits; and
(b) were paid within the preceding 2 income years or were paid under the same * scheme under which the entity pays the non - share dividend.
(2) The amount of the franked part of a * non - share dividend is worked out using the following formula:
where:
"applicable gross-up rate" means the * corporate tax gross - up rate of the entity making the distribution for the income year in which the distribution is made.