INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 7 - Dividends paid to trusts and partnerships  

Subdivision C - Adjustments in relation to section 160AQT amounts  

SECTION 160ARAB   ADJUSTMENT WHERE TAXPAYER WHO RECEIVES A TRUST AMOUNT OR PARTNERSHIP AMOUNT IS NOT A QUALIFIED PERSON UNDER DIVISION 1A IN RELATION TO RELEVANT FRANKED DIVIDEND  

160ARAB(1)   [Trust amount]  

If:

(a) a trust amount is included in a taxpayer's assessable income of a year of income; and

(b) the taxpayer is not a qualified person in relation to the relevant franked dividend for the purposes of Division 1A; and

(c) no deduction has been allowed, or is allowable, from the taxpayer's assessable income of any year of income under section 160AR in respect of the trust amount;

an amount equal to so much of the class A potential rebate amount, the class B potential rebate amount or the class C potential rebate amount that, if the taxpayer were such a qualified person, would arise in relation to the trust amount as does not exceed the trust amount is allowable as a deduction from the taxpayer's assessable income of the year of income.

160ARAB(2)   [Partnership amount]  

If:

(a) a partnership amount is included in, or is allowable as a deduction from, a taxpayer's assessable income of a year of income; and

(b) the taxpayer is not a qualified person in relation to the relevant franked dividend for the purposes of Division 1A; and

(c) no deduction has been allowed, or is allowable, from the taxpayer's assessable income of any year of income under section 160AR in respect of the partnership amount;

the class A potential rebate amount, the class B potential rebate amount or the class C potential rebate amount that, if the taxpayer were such a qualified person, would arise in relation to the partnership amount is allowable as a deduction from the taxpayer's assessable income of the year of income.