Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-6
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THE IMPUTATION SYSTEM
Division 208
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Exempting entities and former exempting entities
Subdivision 208-H
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Tax effect of a distribution franked with an exempting credit
Operative provisions
SECTION 208-235 208-235 Distributions to employees acquiring shares under eligible employee share schemes
Division 207 also applies to a *distribution *franked with an exempting credit made by a *former exempting entity as if it were a *franked distribution if:
(a) the distribution is made to an individual who, at the time the distribution is made, is an employee of:
(b) the employee acquired a beneficial interest in the *share on which the distribution is made:
(c) the employee does not hold that beneficial interest as a trustee.
View history note
Hide history noteSECTION 208-235 208-235 Distributions to employees acquiring shares under eligible employee share schemes
Division 207 also applies to a *distribution *franked with an exempting credit made by a *former exempting entity as if it were a *franked distribution if:
(a) the distribution is made to an individual who, at the time the distribution is made, is an employee of:
(i) the former exempting entity; or
(ii) a *subsidiary of the former exempting entity; and
(b) the employee acquired a beneficial interest in the *share on which the distribution is made:
(i) under an *employee share scheme; and
(ii) in circumstances specified as relevant in section 208-215 ; and
(c) the employee does not hold that beneficial interest as a trustee.
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