Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if a * franking credit arises in the * franking account of the * friendly society or a * wholly - owned subsidiary of the society because, on or after the demutualisation resolution day identified under subsection 316 - 70(4), the society or subsidiary * pays a PAYG instalment, or * pays income tax, that is wholly or partly attributable to a period before that day.
(2) A * franking debit arises in that account.
(3) The amount of the * franking debit is so much of the * franking credit as is attributable to the period before that day.
(4) The * franking debit arises at the same time as the * franking credit arises.