INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

Division 67 - Refundable tax offset rules  

Operative provisions  

SECTION 67-25   Refundable tax offsets - franked distributions  

67-25(1)  


*Tax offsets available under Division 207 (which sets out the effects of receiving a *franked distribution) or Subdivision 210-H (which sets out the effects of receiving a *distribution *franked with a venture capital credit) are subject to the refundable tax offset rules, unless otherwise stated in this section.

67-25(1A)  


Where the trustee of a *non-complying superannuation fund or a *non-complying approved deposit fund is entitled to a *tax offset under Division 207 because a *franked distribution is made to, or *flows indirectly to, the trustee, the tax offset is not subject to the refundable tax offset rules.

67-25(1B)  


If:


(a) the trustee of a trust to whom a *franked distribution *flows indirectly under subsection 207-50(4) is entitled to a *tax offset under Division 207 for an income year because of the distribution; and


(b) the trustee is liable to be assessed under section 98 or 99A of the Income Tax Assessment Act 1936 on a share of, or all or a part of, the trust ' s *net income for that income year;

the tax offset is not subject to the refundable tax offset rules.

67-25(1C)  


Where a *corporate tax entity is entitled to a *tax offset under Division 207 because a *franked distribution is made to the entity, the tax offset is not subject to the refundable tax offset rules unless:


(a) the entity is an *exempt institution that is eligible for a refund; or


(b) the entity is a *life insurance company and the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:


(i) starting at the beginning of the income year of the company in which the distribution is made; and

(ii) ending when the distribution is made.

67-25(1D)  


Where a *corporate tax entity is entitled to a *tax offset under Division 207 because a *franked distribution *flows indirectly to the entity, the tax offset is not subject to the refundable tax offset rules unless:


(a) the entity is an *exempt institution that is eligible for a refund; or


(b) the entity is a *life insurance company and the company ' s interest in the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:


(i) starting at the beginning of the income year of the company in which the distribution is made; and

(ii) ending when the distribution is made.

67-25(1DA)  


A *tax offset is not subject to the refundable tax offset rules if:


(a) an entity is entitled to the tax offset under Division 207 because a *franked distribution is made, or *flows indirectly, to the entity; and


(b) the entity is a foreign resident and carries on business in Australia at or through a permanent establishment of the entity in Australia, being a permanent establishment within the meaning of:


(i) a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ) that relates to a foreign country and affects the entity; or

(ii) subsection 6(1) of that Act, if there is no such agreement; and


(c) the distribution is attributable to the permanent establishment.

67-25(1E)  


Where a *corporate tax entity is entitled to a *tax offset under Subdivision 210-H because a *distribution *franked with a venture capital credit is made to the entity, the tax offset is not subject to the refundable tax offset rules unless:


(a) the entity is a *life insurance company; and


(b) the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:


(i) starting at the beginning of the income year of the company in which the distribution is made; and

(ii) ending when the distribution is made.

67-25(2)  
(Repealed by No 42 of 2009)

67-25(2A)  
(Repealed by No 42 of 2009)

67-25(2B)  
(Repealed by No 42 of 2009)

67-25(3)  
(Repealed by No 42 of 2009)

67-25(4)  
(Repealed by No 42 of 2009)

67-25(5)  
(Repealed by No 42 of 2009)

67-25(6)  
(Repealed by No 42 of 2009)

67-25(7)  
(Repealed by No 56 of 2010)


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