Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 201 - Objects and application of Part 3-6  

SECTION 201-1   Objects  

201-1(1)    
The main object of this Part is to allow certain *corporate tax entities to pass to their *members the benefit of having paid income tax on the profits underlying certain *distributions.

201-1(2)    
The other objects of this Part are to ensure that:

(a) the imputation system is not used to give the benefit of income tax paid by a *corporate tax entity to *members who do not have a sufficient economic interest in the entity; and

(b) the imputation system is not used to prefer some members over others when passing on the benefits of having paid income tax; and

(c) the *membership of a corporate tax entity is not manipulated to create either of the outcomes mentioned in paragraphs (a) and (b).