INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 207 - Effect of receiving a franked distribution  

Subdivision 207-D - No gross-up or tax offset where distribution would not be taxed  

SECTION 207-80   What this Subdivision is about  


This Subdivision creates the appropriate adjustment to cancel the effect of the gross-up and tax offset rules where a franked distribution (or a share of it) is, or would be, exempt income or *non-assessable non-exempt income in the relevant entity's hands (and therefore would not be taxed in any case).


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