Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 202 - Franking a distribution  

Subdivision 202-C - Which distributions can be franked?  

Operative provisions

SECTION 202-47   Distributions of certain ADI profits following restructure  

202-47(1)  
This section applies to an amount paid by a body corporate if:


(a) the body corporate is a non-operating holding company within the meaning of the Financial Sector (Transfer and Restructure) Act 1999 ; and


(b) a restructure instrument under Part 4A of that Act is in force in relation to the body; and


(c) because of the restructure to which the instrument relates, an *ADI becomes a subsidiary (within the meaning of that Act) of the body; and


(d) the amount is sourced, directly or indirectly, from the profits of the ADI before the restructure instrument came into force; and


(e) the amount would have been a *frankable distribution if it had been distributed by the ADI before the restructure instrument came into force.

202-47(2)  
The amount:


(a) is taken to be a dividend paid by the body, for the purposes of this Act (and so is a *distribution by the body); and


(b) is not taken to be an *unfrankable distribution by the body just because of paragraph 202-45(e) (which makes distributions from *share capital accounts unfrankable).


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.