Income Tax Assessment Act 1936
Each of the following is an attribution account payment:
(a) a dividend paid by a company to a shareholder;
(b) the individual interest of a partner in the net income (within the meaning of section 90) of a partnership of a year of income;
(c) where a beneficiary of a trust is presently entitled to a share of the income of the trust - that share of the net income (within the meaning of section 95 ) of the trust of a year of income;
(ca) where a beneficiary of a trust is specifically entitled to an amount of a capital gain or a franked distribution of the trust for a year of income:
(i) in the case of a capital gain - the amount mentioned in subsection 115-225(1) in respect of the beneficiary; or
to the extent that it is not covered under paragraph (c);
(ii) in the case of a franked distribution - the amount mentioned in subsection 207-37(1) in respect of the beneficiary;
(d) the whole or part of the net income of a trust of a year of income that is assessable to the trustee under section 99 or 99A ;
(e) an amount of trust property that would be included in the assessable income of a beneficiary of a year of income under section 99B if:
(i) the beneficiary were a resident, within the meaning of section 6 , at a time during the year of income; and
(ii) paragraph 99B(2)(c) were replaced by a paragraph referring to any attribution account payment under paragraph (c) or (d) of this subsection.
The attribution account payment is taken to be made:
(a) in a paragraph (1)(b) case - by the partnership to the partner; and
(b) in a paragraph (1)(c) or (e) case - by the trust to the beneficiary; and
(c) in a paragraph (1)(d) case - by the trust to the trustee;
and, in any such case, to be made at the end of the year of income.365(3)
(a) an attribution credit arises for a company in relation to a taxpayer under paragraph 371(1) (b) as a result of a change of residence whereby the company becomes a Part X Australian resident; and
(b) the company makes an attribution account payment consisting of a frankable distribution that has been franked in accordance with section 202-5 of the Income Tax Assessment Act 1997 , or that has been franked with an exempting credit in accordance with section 208-60 of that Act; and
(c) immediately before the attribution account payment is made, there is an attribution surplus for the company in relation to the taxpayer that is attributable to the attribution credit;
then, for the purposes of applying section 23AI and Divisions 4 and 5 of this Part in relation to the taxpayer, the attribution account payment is taken to be reduced to the extent that it is franked.
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