Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 10   Franked distributions received through certain partnerships and trustees

Part 3   Amendments commencing on 30 June 2003

Income Tax Assessment Act 1997

23   Subsection 67-25(1B)

Repeal the subsection, substitute:

(1B) If:

(a) the trustee of a trust to whom a *franked distribution *flows indirectly under subsection 207-50(4) is entitled to a *tax offset under Division 207 for an income year because of the distribution; and

(b) the trustee is liable to be assessed under section 98 or 99A of the Income Tax Assessment Act 1936 on a share of, or all or a part of, the trust's *net income for that income year;

the tax offset is not subject to the refundable tax offset rules.