Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
Guide to Division 320
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