Income Tax Assessment Act 1997
SECTION 802-50 Receipt of an unfranked distribution from another Australian corporate tax entity 802-50(1)
The entity ' s conduit foreign income is reduced if:
(a) the entity (the receiving entity ) receives from another *Australian corporate tax entity a *frankable distribution that has an *unfranked part; and
(b) the *distribution statement for the *distribution declares an amount (the declared amount ) of the unfranked part to be conduit foreign income; and
(c) some or all of the declared amount is not *non-assessable non-exempt income under section 802-20 .
802-50(2)
The amount of the reduction is the amount that is not *non-assessable non-exempt income under section 802-20 less any expenses reasonably related to that amount.
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