Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 208 - Exempting entities and former exempting entities  

Subdivision 208-F - Exempting accounts and franking accounts of exempting entities and former exempting entities  

Operative provisions

SECTION 208-165   Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit  

208-165(1)  
Use the following formula to work out:


(a) the amount of an *exempting credit arising under item 2 of the table in section 208-115 because a *former exempting entity receives a *distribution *franked with an exempting credit; or


(b) the amount of a *franking credit arising under item 2 of the table in section 208-130 because an *exempting entity receives a distribution franked with an exempting credit;


*Exempting credit
on the *distribution
× Amount of the distribution
that is not *exempt income
                      of the recipient                      
Amount of the distribution

208-165(2)  


Use the following formula to work out the amount of a *franking credit arising under item 5 of the table in section 208-130 because an *exempting entity receives a *distribution *franked with an exempting credit:


*Franking credit
on the
*distribution
× Amount of the distribution that is not
*exempt income of the recipient
Amount of the distribution


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