Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-6
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THE IMPUTATION SYSTEM
Subject to subsection (2), the franking percentage for a *frankable distribution is worked out using the formula:
203-35(2)
If the *franking percentage for a *frankable distribution would exceed 100% if it were worked out under subsection (1), it is taken to be 100%.
Division 203
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Benchmark rule
Operative provisions
SECTION 203-35
Franking percentage
203-35(1)
Subject to subsection (2), the franking percentage for a *frankable distribution is worked out using the formula:
*Franking credit allocated to the *frankable distribution
*Maximum franking credit for the distribution |
× | 100 |
If the *franking percentage for a *frankable distribution would exceed 100% if it were worked out under subsection (1), it is taken to be 100%.
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