Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 207 - Effect of receiving a franked distribution  

Subdivision 207-E - Exceptions to the rules in Subdivision 207-D  

Exempt institutions

SECTION 207-119  

207-119   Entity not treated as exempt institution eligible for refund in certain circumstances  

For the purposes of this Act:

(a) an entity must not be treated as an *exempt institution that is eligible for a refund in relation to a *franked distribution if section 207-120 , 207-122 or 207-124 applies to the entity in relation to the distribution; and

(b) a beneficiary of a trust must not be treated as an exempt institution that is eligible for a refund in relation to a franked distribution made in an income year if section 207-126 applies to the beneficiary in relation to that income year.