Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)
Schedule 10 Franked distributions received through certain partnerships and trustees
Part 2 Amendments commencing on 29 June 2002
Income Tax Assessment Act 1997
13 Section 207-140
Repeal the section, substitute:
207-140 What this Subdivision is about
This Subdivision creates the appropriate adjustment to cancel the effect of the gross-up and tax offset rules where the entity concerned has manipulated the imputation system in a manner that is not permitted under the income tax law.