INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 6 - Tax effects for shareholders  

Subdivision B - Franking rebate for certain shareholders  

SECTION 160AQU   FRANKING REBATE  

160AQU(1)   [Entitlement to rebate]  

Where:

(a) an amount is included under section 160AQT in the assessable income of a shareholder of a year of income; and

(b) the shareholder is not:

(i) a partnership; or

(ii) a trustee (other than the trustee of an eligible entity within the meaning of Part IX or of an exempt institution whose exempt status is disregarded in relation to the dividend under section 160ARDAB );

the shareholder is entitled to a rebate of tax in the shareholder's assessment in respect of income of the year of income equal to the amount so included in the shareholder's assessable income.

160AQU(2)   [Matters to be disregarded]  

For the purposes of subsection (1), in determining the amount included under section 160AQT in the assessable income of a shareholder, disregard:

(a) sections 282B , 283 and 297B of this Act; and

(b) paragraphs 320-37(1)(a) and (d) of the Income Tax Assessment Act 1997 .

160AQU(3)   [When exempt status disregarded]  

Disregard section 50-1 of the Income Tax Assessment Act 1997 in determining, for the purposes of subsection (1), the amount included under section 160AQT in the assessable income of an exempt institution whose exempt status is disregarded in relation to the dividend concerned under section 160ARDAB .