Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 200 - Guide to Part 3-6  

SECTION 200-5   200-5   The imputation system  


The *imputation system partially integrates the income tax liabilities of an Australian corporate tax entity and its members by:


(a) allowing the entity, when distributing profits to its members, to pass to those members credit for income tax paid by the entity on those profits; and


(b) allowing the entity ' s Australian members to claim a tax offset for that credit; and


(c) allowing the entity ' s Australian members to claim a refund if they are unable to fully utilise the tax offset in reducing their income tax.


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