Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

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History

Pt 3-6 inserted by No 48 of 2002.

Division 207 - Effect of receiving a franked distribution  

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History

Div 207 inserted by No 48 of 2002.

Subdivision 207-E - Exceptions to the rules in Subdivision 207-D  

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Subdiv 207-E (heading) substituted by No 83 of 2004.

Subdiv 207-E inserted by No 48 of 2002.

Guide to Subdivision 207-E

SECTION 207-105   What this Subdivision is about  

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Subdivision 207-D does not apply to certain exempt institutions, trusts and life insurance companies as set out in this Subdivision. Such an entity may be entitled to a tax offset under this Subdivision in relation to a franked distribution.

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S 207-105 substituted by No 83 of 2004, s 3 and Sch 10 item 10, applicable to events that occur on or after 1 July 2002, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 . S 207-105 formerly read:

What this Subdivision is about  
207-105
If an entity would not in any case pay income tax on a franked distribution:

• no amount is included in the entity ' s assessable income as a result of the franking credit on the distribution; and

• the entity is not entitled to a tax offset as a result of the distribution.

There are some exceptions to this principle.

S 207-105 inserted by No 48 of 2002.

TABLE OF SECTIONS

TABLE OF SECTIONS

Operative provisions
207-110	Effect of non-assessable income on gross up and tax offset
Exempt institutions
207-115	Which exempt institutions are eligible for a refund?
207-117	Residency requirement
207-119	Entity not treated as exempt institution eligible for refund in certain circumstances
207-120	Entity may be ineligible because of a distribution event
207-122	Entity may be ineligible if distribution is in the form of property other than money
207-124	Entity may be ineligible if other money or property also acquired
207-125	(Repealed by No 83 of 2004)
207-126	Entity may be ineligible if distributions do not match trust share amounts
207-128	Reinvestment choice
207-130	Controller ' s liability
207-132	Treatment of benefits provided by an entity to a controller
207-134	Entity ' s present entitlement disregarded in certain circumstances
207-136	Review of certain decisions

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