Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

SECTION 214-120  

214-120   Record keeping  


Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if:


(a) the reference in that section to a person carrying on a business were a reference to a corporate tax entity; and


(b) the reference in paragraph (2)(a) of that section to the person ' s income and expenditure were a reference to:


(i) the entity ' s franking account balance; and

(ii) the entity ' s liability to pay franking tax; and


(c) paragraph (5)(a) of that section were omitted.




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