Income Tax Assessment Act 1997

Pt 3-6 inserted by No 48 of 2002.

Div 207 inserted by No 48 of 2002.

Subdiv 207-A inserted by No 48 of 2002.

S 207-15(2) amended by No 70 of 2015, s 3 and Sch 1 item 80, by omitting " or *FHSA trust " after " a *complying superannuation entity " from para (a), effective 1 July 2015.

S 207-15(2) amended by No 45 of 2008, s 3 and Sch 1 item 19, by inserting " or *FHSA trust " after " a *complying superannuation entity " in para (a), effective 26 June 2008.

S 207-15(2) substituted by No 83 of 2004, s 3 and Sch 10 item 6, applicable to events that occur on or after 1 July 2002, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 . S 207-15(2) formerly read:

207-15(2)
Where a distribution *flows indirectly to an entity, this Subdivision does not apply either to the entity to which it flows indirectly or to the entity to whom it is made. Subdivision 207-B applies in those cases.

Note: Subdivision 207-B deals with distributions to an entity through certain interposed partnerships or trusts. A franked distribution will not flow indirectly through some partnerships or trusts, for example, an eligible entity within the meaning of Part IX of the Income Tax Assessment Act 1936 , or an exempt institution that is eligible for a refund.

S 207-15(3) substituted by No 83 of 2004, s 3 and Sch 10 item 6, applicable to events that occur on or after 1 July 2002, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 . S 207-15(3) formerly read:

207-15(3)
This Subdivision applies subject to:

(a) Subdivision 207-C; and

(b) Subdivision 207-E; and

(c) Subdivision 207-F.

Note 1: Subdivision 207-C sets out the residency requirements which must be satisfied by an individual or a corporate tax entity that receives a franked distribution.

Note 2: Subdivision 207-E sets out cases in which the general rule will not apply because the distribution is exempt income or non-assessable non-exempt income and so would not be taxed in any case. It also replaces the general rule for exempt institutions that are eligible for a refund and, in some cases, for eligible entities within the meaning of Part IX of the Income Tax Assessment Act 1936 and for life insurance companies.

Note 3: Subdivision 207-F sets out cases in which the general rule will not apply because the imputation system has been manipulated in a way that is not permitted under income tax law, for example by streaming distributions or dividend stripping.

S 207-15(3) amended by No 66 of 2003.

S 207-15 inserted by No 48 of 2002.

S 207-15(3) substituted by No 83 of 2004 and amended by No 66 of 2003.

S 207-15 inserted by No 48 of 2002.