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 207
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Effect of receiving a franked distribution
Subdivision 207-C
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Residency requirements for the general rule
Operative provisions
SECTION 207-70 207-70 Gross-up and tax offset under section 207-20
If an entity makes a *franked distribution to an individual or a *corporate tax entity:
(a) no amount is included in the receiving entity ' s assessable income under subsection 207-20(1) ; and
(b) the receiving entity is not entitled to a *tax offset under subsection 207-20(2) ;
View history note
Hide history noteSECTION 207-70 207-70 Gross-up and tax offset under section 207-20
If an entity makes a *franked distribution to an individual or a *corporate tax entity:
(a) no amount is included in the receiving entity ' s assessable income under subsection 207-20(1) ; and
(b) the receiving entity is not entitled to a *tax offset under subsection 207-20(2) ;
unless the receiving entity satisfies the *residency requirement at the time the distribution is made.
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