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

Schedule 10   Franked distributions received through certain partnerships and trustees

Part 4   Other amendments

Income Tax Assessment Act 1997

42   Subsection 220-410(2)

Repeal the subsection (including the note), substitute:

(2) The following provisions have effect subject to this section:

(a) items 3 and 4 of the table in section 205-15;

(b) items 5 and 6 of the table in section 219-15.

Note: Each of those items gives rise to a franking credit for a franked distribution if the recipient is entitled under Division 207 to a tax offset for the distribution. Those items provide that the amount of the credit equals the amount of that offset.