Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 316.275

  (1)   This section applies if a * franking debit 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 * receives a refund of income tax that is wholly or partly attributable to a period before that day.

  (2)   A * franking credit arises in that account.

  (3)   The amount of the * franking credit is so much of the * franking debit as is attributable to the period before that day.

  (4)   The * franking credit arises at the same time as the * franking debit arises.

Table of Subdivisions

  Guide to Division   320

320 - A   Preliminary

320 - B   What is included in a life insurance company's assessable income

320 - C   Deductions and capital losses

320 - D   Income tax, taxable income and tax loss of life insurance companies

320 - E   No - TFN contributions of life insurance companies that are RSA providers

320 - F   Complying superannuation asset pool

320 - H   Segregation of assets to discharge exempt life insurance policy liabilities

320 - I   Transfers of business