Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 204 - Anti-streaming rules  

Subdivision 204-D - Streaming distributions  

Operative provisions

SECTION 204-41  

204-41   Amount of the exempting debit  

The amount of the *exempting debit arising because of a determination by the Commissioner under paragraph 204-30(3)(b) must not exceed:

(a) if the specified *distribution has been *franked with an exempting credit - the difference between the amount of the *exempting credit on the distribution and an amount worked out by multiplying the amount of the distribution by the highest *exempting percentage at which a distribution to a favoured member is franked; or

(b) if the specified distribution, although *frankable, has not been franked with an exempting credit - an amount worked out by multiplying the amount of the distribution by the highest exempting percentage at which a distribution to a favoured member is franked; or

(c) if the specified distribution is *unfrankable - an amount worked out by multiplying the amount of the distribution by the highest exempting percentage at which a distribution to a favoured member is franked; or

(d) if the specified benefit is the issue of bonus shares from a share premium account - an amount worked out by multiplying the amount debited to the share premium account in respect of the bonus shares by the highest exempting percentage at which a distribution to a favoured member is franked; or

(e) if some other benefit is specified - an amount worked out by multiplying the value of the benefit by the highest exempting percentage at which a distribution to a favoured member is franked.