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The Taxpayers' Guide 2013 - 2014, 25th Edition by Taxpayers Australia

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Calculating excess franking offsets

Step 1: Firstly, calculate the amount of franking tax offsets to which the entity is entitled (step 1).
Step 2: Secondly, calculate the amount of income tax payable. In this calculation:
- ignore the amount of franking tax offsets calculated in the step 1 as well as tax offsets subject to the refundable tax offset rules (Division 67), the carry forward tax offset rules (Division 65) and any tax offset arising from franking deficit tax liabilities (s205-70), and
- take into account all other tax offsets, if any.

If the amount from step 1 exceeds the amount from step 2, the excess is the amount of excess franking offsets.

Converting the excess franking offset into a tax loss

The method statement in Subdivision ...

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