INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a class A franked dividend or a class C franked dividend (the relevant dividend ) is paid by an exempting company to a shareholder that is a trustee of a trust or is a partnership; and
(b) at the time when the relevant dividend was paid, a person who held an interest in the trust or partnership was a life assurance company, an exempting company, or a person who acquired the interest under an eligible employee share scheme, being a company or person in respect of whom or in respect of which a franking credit or franking rebate would have arisen if the relevant dividend had been paid to the company or person; and
(c) an amount attributable to the relevant dividend:
(i) is included in the assessable income of the holder of the interest; or
(ii) would have been included in the assessable income of the holder of the interest if paragraphs 320-37(1)(a) and (d) of the Income Tax Assessment Act 1997 had not been enacted;
then, for the purposes of the application of this Part in relation to the holder of the interest:
(d) the part of the relevant dividend to which the amount referred to in paragraph (1)(c) is attributable is taken:
(i) to have been a class A franked dividend or a class C franked dividend, as the case may be, paid to the holder of the interest; and
(ii) to have been franked to the same extent as the relevant dividend; and
(e) the holder of the interest is taken to have been the holder of the share in respect of which the relevant dividend was paid.
(a) the person is a beneficiary under the trust; or
(b) the person derives, or will derive, income indirectly, through interposed trusts or partnerships, from dividends received by the trustee. 160AQZB(3) Holding an interest in a partnership.
(a) the person is a partner in the partnership; or
(b) the person derives, or will derive, income indirectly, through interposed trusts or partnerships, from dividends received by the partnership. 160AQZB(4) Calculation of part of dividend to which amount received by holder of interest is attributable.
For the purposes of subsection (1), the part of the relevant dividend to which the amount referred to in paragraph (1)(c) is attributable is taken to be the amount worked out using the formula:
|Amount of dividend ×||
Share of income
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