Do excess franking credits go in the franking account?

[#1]

Perhaps an example might make the question clearer.

[#2]

TAXABLE INCOME 2020		45,840.53
tax 27.5%		$   12,606.00
Excess franking offset
Franking credits	15,172.00
Less tax payable	-$ 12,606.00	$     2,566.00
Should an excess franking credit of $2,566 go in the franking account?
Tax loss 2020 year		$     9,330.00

[#3]

Should an excess franking credit of $2,566 go in the franking account?

If a company receives dividends with $ 15,172 franking credits, then $ 15,172 is a credit in the franking account.

[#4]

So, the excess franking offset of $2,566 shouldn't be reported as a debit in the franking account?

[#5 · Accepted solution]

So, the excess franking offset of $2,566 shouldn't be reported as a debit in the franking account?

No  -  you will not find that on the debits list.

https://www.ato.gov.au/law/view/document?DocID=PAC%2F19970038%2F205-30&PiT=99991231235958

[#6]

TAXABLE INCOME 2020		45,840.53
tax 27.5%		$     12,606.00
Excess franking offset
Franking credits	15,172.00
Less tax payable	-$ 12,606.00	$       2,566.00
Tax loss 2020 year		$       9,330.00