Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-6
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THE IMPUTATION SYSTEM
The amount of the *franking credit on a *distribution is that stated in the *distribution statement for the distribution, unless that amount exceeds the *maximum franking credit for the distribution. 202-60(2)
The maximum franking credit for a *distribution is worked out using the formula:
Division 202
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Franking a distribution
Subdivision 202-D
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Amount of the franking credit on a distribution
Operative provisions
SECTION 202-60
Amount of the franking credit on a distribution
202-60(1)
The amount of the *franking credit on a *distribution is that stated in the *distribution statement for the distribution, unless that amount exceeds the *maximum franking credit for the distribution. 202-60(2)
The maximum franking credit for a *distribution is worked out using the formula:
Amount of the *frankable distribution | × | 1 |
Applicable gross-up rate |
where:
applicable gross-up rate
means the *corporate tax gross-up rate of the entity making the distribution for the income year in which the distribution is made.
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