Income Tax Assessment Act 1997
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Hide history noteSECTION 204-41 204-41 Amount of the exempting debit
The amount of the *exempting debit arising because of a determination by the Commissioner under paragraph 204-30(3)(b) must not exceed:
(a) if the specified *distribution has been *franked with an exempting credit - the difference between the amount of the *exempting credit on the distribution and an amount worked out by multiplying the amount of the distribution by the highest *exempting percentage at which a distribution to a favoured member is franked; or
(b) if the specified distribution, although *frankable, has not been franked with an exempting credit - an amount worked out by multiplying the amount of the distribution by the highest exempting percentage at which a distribution to a favoured member is franked; or
(c) if the specified distribution is *unfrankable - an amount worked out by multiplying the amount of the distribution by the highest exempting percentage at which a distribution to a favoured member is franked; or
(d) if the specified benefit is the issue of bonus shares from a share premium account - an amount worked out by multiplying the amount debited to the share premium account in respect of the bonus shares by the highest exempting percentage at which a distribution to a favoured member is franked; or
(e) if some other benefit is specified - an amount worked out by multiplying the value of the benefit by the highest exempting percentage at which a distribution to a favoured member is franked.
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