1

the company * pays a PAYG instalment; and

the company satisfies the * residency requirement for the income year in relation to which the PAYG instalment is paid; and

the payment is made before the company's * assessment day for that income year; and

the company is a * franking entity for the whole or part of the relevant * PAYG instalment period

that part of the payment that:

(a) the company estimates will be attributable to the * shareholders' share of the * income tax liability of the company for that income year; and

(b) is attributable to the period during which the company was a franking entity

on the day on which the payment is made (see note 1 to this subsection)

2

the company * paid a PAYG instalment; and

the company satisfied the * residency requirement for the income year in relation to which the PAYG instalment was paid; and

the payment was made before the company's * assessment day for that income year; and

the company was a * franking entity for the whole or part of the relevant * PAYG instalment period

that part of the payment that is attributable to:

(a) the * shareholders' share of the * income tax liability of the company for that income year; and

(b) the period during which the company was a franking entity

on the company's assessment day for that income year (see note 1 to this subsection)

3

the company * pays a PAYG instalment; and

the company satisfies the * residency requirement for the income year in relation to which the PAYG instalment is paid; and

the payment is made on or after the company's * assessment day for that income year; and

the company is a * franking entity for the whole or part of the relevant * PAYG instalment period

that part of the payment that is attributable to:

(a) the * shareholders' share of the * income tax liability of the company for that income year; and

(b) the period during which the company was a franking entity

on the day on which the payment is made

4

the company * pays income tax; and

the company satisfies the * residency requirement for the income year for which the tax is paid; and

the company is a * franking entity for the whole or part of that income year

that part of the payment that is attributable to:

(a) the * shareholders' share of the * income tax liability of the company for that income year; and

(b) the period during which the company was a franking entity

on the day on which the payment is made

5

a * franked distribution is made to the company; and

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

the company is a * franking entity when it receives the distribution; and

the company is entitled to a * tax offset under Division   207 because of the distribution; and

the tax offset is not subject to the refundable tax offset rules (see Division   67)

the amount of the tax offset

on the day on which the distribution is made

6

a * franked distribution * flows indirectly to the company through a partnership or the trustee of a trust; and

the company is a * franking entity when the franked distribution is made; and

the company is entitled to a * tax offset under Division   207 because of the distribution; and

the tax offset is not subject to the refundable tax offset rules (see Division   67)

the amount of the tax offset

at the time specified in subsection   (3)

6A

a * franking debit arises under item   2 or 3 of the table in subsection   219 - 30(2) because the company receives a * tax offset refund; and

the company's tax offset refund is subsequently reduced and the company is liable to pay to the Commonwealth the amount of the excess mentioned in subsection   172A(2) of the Income Tax Assessment Act 1936 ; and

the company pays the amount of the excess

the difference (if any) between:

(a) the amount of the franking debit; and

(b) the amount the franking debit would have been if the tax offset refund were reduced by the amount of the excess

on the day on which the amount of the excess is paid

7

the company incurs a liability to pay * franking deficit tax under section   205 - 45 or 205 - 50

the amount of the liability

immediately after the liability is incurred

8

a * franking credit arises under subsection   418 - 55(1) in relation to an * exploration credit

the amount of the * franking credit specified in subsection   418 - 55(2)

at the time provided by subsection   418 - 55(3)

9

the company * pays diverted profits tax; and

the company satisfies the * residency requirement for the income year for which the tax is paid; and

the company is a * franking entity for the whole or part of that income year

that part of the payment that is attributable to:

(a) the * shareholders' share of the * income tax liability of the company for that income year; and

(b) the period during which the company was a franking entity;

multiplied by the proportion worked out under subsection   (4)

on the day on which the payment is made