Taxation Laws Amendment Act (No. 1) 2004 (101 of 2004)

Schedule 7   Imputation for life insurance companies

Income Tax Assessment Act 1997

2   At the end of section 205-15

Add:

(2) A *franking credit covered by item 4 of the table arises at the end of the income year:

(a) that is an income year of the last *partnership or trust interposed between:

(i) the entity; and

(ii) the *corporate tax entity that made the distribution; and

(b) during which the *franked distribution *flows indirectly to the entity.