Order of events provision
205-1 Order of events provision
If a company has a franking account under former Part IIIAA of the Income Tax Assessment Act 1936 (the old account) at the end of 30 June 2002, the old account is closed off and an opening balance is created in the company’s franking account under section 205‑10 as follows:
any estimated debits in the old account at the end of 30 June 2002 are washed out of the account under section 205‑5; and
then:
in the case of a company whose 2001‑02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936—the company’s franking account balances are converted under section 205‑10 to a tax paid basis; and
in the case of a company whose 2001‑02 franking year ends before 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936—the company’s franking account balances are converted under section 205‑15 to a tax paid basis.
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