Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 316.260

  (1)   A * franking debit arises in the * franking account of the * friendly society or a * wholly - owned subsidiary of the society if the account is in * surplus immediately before the demutualisation resolution day identified under subsection   316 - 70(4).

  (2)   The amount of the * franking debit equals the * surplus.

  (3)   The * franking debit arises at the start of that day.