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-H - Tax effect of a distribution franked with an exempting credit  

Operative provisions

SECTION 208-235   208-235   Distributions to employees acquiring shares under eligible employee share schemes  


Division 207 also applies to a *distribution *franked with an exempting credit made by a *former exempting entity as if it were a *franked distribution if:


(a) the distribution is made to an individual who, at the time the distribution is made, is an employee of:


(i) the former exempting entity; or

(ii) a *subsidiary of the former exempting entity; and


(b) the employee acquired a beneficial interest in the *share on which the distribution is made:


(i) under an *employee share scheme; and

(ii) in circumstances specified as relevant in section 208-215 ; and


(c) the employee does not hold that beneficial interest as a trustee.


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