Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 10   Franked distributions received through certain partnerships and trustees

Part 2   Amendments commencing on 29 June 2002

Income Tax Assessment Act 1997

20   Subsection 995-1(1) (paragraphs (a) and (b) of the definition of flows indirectly )

Repeal the paragraphs, substitute:

(a) subsections 207-50(2), (3) and (4) set out the circumstances in which a *franked distribution flows indirectly to an entity; and

(b) subsection 207-50(5) sets out the circumstances in which a franked distribution flows indirectly through an entity; and