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-A
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What are exempting entities and former exempting entities?
SECTION 208-40
Prescribed persons
208-40(1)
A company is a prescribed person in relation to another *corporate tax entity if:
(a) the company is a foreign resident; or
(b) were the company to receive a *distribution made by the other corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the company.
208-40(2)
A trustee is a prescribed person in relation to a *corporate tax entity if:
(a) all the beneficiaries in the trust are prescribed persons under other provisions of this section; or
(b) were the trustee to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the trust estate.
208-40(3)
A partnership is a prescribed person in relation to a *corporate tax entity if:
(a) all the partners are prescribed persons under other provisions of this section; or
(b) were the partnership to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the partnership.
208-40(4)
An individual (other than a trustee) is a prescribed person in relation to a *corporate tax entity if:
(a) he or she is a foreign resident; or
(b) were he or she to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the individual.
208-40(5)
The Commonwealth, each of the States, the Australian Capital Territory, the Northern Territory and Norfolk Island are prescribed persons in relation to any *corporate tax entity.
208-40(6)
An *exempt institution that is eligible for a refund cannot be a prescribed person in relation to a *corporate tax entity under this section.
View history note
Hide history noteA company is a prescribed person in relation to another *corporate tax entity if:
(a) the company is a foreign resident; or
(b) were the company to receive a *distribution made by the other corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the company.
208-40(2)
A trustee is a prescribed person in relation to a *corporate tax entity if:
(a) all the beneficiaries in the trust are prescribed persons under other provisions of this section; or
(b) were the trustee to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the trust estate.
208-40(3)
A partnership is a prescribed person in relation to a *corporate tax entity if:
(a) all the partners are prescribed persons under other provisions of this section; or
(b) were the partnership to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the partnership.
208-40(4)
An individual (other than a trustee) is a prescribed person in relation to a *corporate tax entity if:
(a) he or she is a foreign resident; or
(b) were he or she to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the individual.
208-40(5)
The Commonwealth, each of the States, the Australian Capital Territory, the Northern Territory and Norfolk Island are prescribed persons in relation to any *corporate tax entity.
208-40(6)
An *exempt institution that is eligible for a refund cannot be a prescribed person in relation to a *corporate tax entity under this section.
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