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 160ARAC   ADJUSTMENT WHERE REBATE NOT ALLOWED IN RESPECT OF TRUST AMOUNT OR PARTNERSHIP AMOUNT  

160ARAC(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 entitled to a rebate of tax in respect of the trust amount because of subsection 160APQ(4) , 160AQX(2) , 160AQY(2) , 160AQYA(1A) or 160AQZA(4) ; and

(c) no deduction has been allowed, or is allowable, from the trustee's assessable income of any year of income under section 160AR or 160ARAB ;

an amount equal to the class A potential rebate amount, the class B potential rebate amount, or the class C potential rebate amount, that arises in relation to the trust amount is allowable as a deduction from the trustee's assessable income of the year of income.

160ARAC(2)   [Partnership amount]  

If:

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

(b) the taxpayer is not entitled to a rebate of tax in respect of the partnership amount because of subsection 160APQ(4) , 160AQYA(3) , 160AQZ(2) or 160AQZA(4) ; and

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

an amount equal to the class A potential rebate amount, the class B potential rebate amount, or the class C potential rebate amount, that arises in relation to the partnership amount is allowable as a deduction from the partnership's assessable income of the year of income.