INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 202 - Franking a distribution  

Subdivision 202-D - Amount of the franking credit on a distribution  

Operative provisions

SECTION 202-60   Amount of the franking credit on a distribution  

202-60(1)  
The amount of the *franking credit on a *distribution is that stated in the *distribution statement for the distribution, unless that amount exceeds the *maximum franking credit for the distribution.

202-60(2)  


The maximum franking credit for a *distribution is worked out using the formula:


Amount of the *frankable distribution × 1
Applicable gross-up rate

where:

applicable gross-up rate
means the *corporate tax gross-up rate of the entity making the distribution for the income year in which the distribution is made.


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