INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 205 - Franking accounts, franking deficit tax liabilities and the related tax offset  

Operative provisions  

SECTION 205-25   Residency requirement for an event giving rise to a franking credit or franking debit  

205-25(1)  


An entity satisfies the residency requirement for an income year in which, or in relation to which, an event specified in a relevant table occurs if:


(a) the entity is a company, or a *corporate limited partnership, to which at least one of the following subparagraphs applies:


(i) the entity is an Australian resident for more than one half of the 12 months immediately preceding the event if the event occurs before the end of the income year;

(ii) the entity is an Australian resident at all times during the income year when the entity exists if the event occurs at or after the end of the income year;

(iii) the entity is an Australian resident for more than one half of the income year (whether or not the event occurs before the end of the income year); or


(b) (Repealed by No 53 of 2016)


(c) the entity is a *public trading trust for the income year.

205-25(2)  


The tables in sections 205-15 and 205-30 are relevant for the purposes of subsection (1).

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