Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 208 - Exempting entities and former exempting entities  

Subdivision 208-A - What are exempting entities and former exempting entities?  

SECTION 208-40   Prescribed persons  

208-40(1)  
A company is a prescribed person in relation to another *corporate tax entity if:


(a) the company is a foreign resident; or


(b) were the company to receive a *distribution made by the other corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the company.

208-40(2)  
A trustee is a prescribed person in relation to a *corporate tax entity if:


(a) all the beneficiaries in the trust are prescribed persons under other provisions of this section; or


(b) were the trustee to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the trust estate.

208-40(3)  


A partnership is a prescribed person in relation to a *corporate tax entity if:


(a) all the partners are prescribed persons under other provisions of this section; or


(b) were the partnership to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the partnership.

208-40(4)  
An individual (other than a trustee) is a prescribed person in relation to a *corporate tax entity if:


(a) he or she is a foreign resident; or


(b) were he or she to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income or *non-assessable non-exempt income of the individual.

208-40(5)  
The Commonwealth, each of the States, the Australian Capital Territory, the Northern Territory and Norfolk Island are prescribed persons in relation to any *corporate tax entity.

208-40(6)  


An *exempt institution that is eligible for a refund cannot be a prescribed person in relation to a *corporate tax entity under this section.

 

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