New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 13   Exempting entities and former exempting entities

Income Tax Assessment Act 1997

1   Paragraph 204-30(3)(b)

Repeal the paragraph, substitute:

(b) that a specified*exempting debit arises in the*exempting account of the entity, for a specified*distribution or other benefit to a disadvantaged member;

(c) that no*imputation benefit is to arise in respect of a distribution that is made to a favoured member and specified in the determination.