Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 3   Simplified Imputation System

Part 2   Miscellaneous consequential and technical amendments

Income Tax Assessment Act 1997

94   At the end of section 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 exemption income of the recipient / Amount of the distribution)