INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 207 - Effect of receiving a franked distribution  

Subdivision 207-A - Effect of receiving a franked distribution generally  

Operative provisions

SECTION 207-15   Applying the general rule  

207-15(1)  
This Subdivision sets out, as a general rule, the tax effect of receiving a *franked distribution.

207-15(2)  


This Subdivision does not apply to:


(a) a partnership or trustee to whom a *franked distribution is made (except a partnership or trustee that is a *corporate tax entity, or a trustee of a trust that is a *complying superannuation entity, when the distribution is made); or


(b) an entity to whom a franked distribution *flows indirectly.

Note:

Subject to the other provisions in this Division, Subdivision 207-B applies to an entity excluded from the application of this Subdivision because of this subsection.

207-15(3)  


This Subdivision applies subject to Subdivisions 207-C , 207-D , 207-E and 207-F .
Note 1:

Subdivision 207-C sets out the residency requirements that must be satisfied by an individual or a corporate tax entity that receives a franked distribution.

Note 2:

Subdivision 207-D sets out the cases in which the gross-up and tax offset rules in this Subdivision and Subdivision 207-B will not apply because the franked distribution (or a share of it) would not have been taxed in any case.

Note 3:

Subdivision 207-E sets out the exceptions to the rules in Subdivision 207-D.

Note 4:

Subdivision 207-F sets out the cases in which the gross-up and tax offset rules in this Subdivision and Subdivision 207-B will not apply because the imputation system has been manipulated in a way that is not permitted under the income tax law.


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