Income Tax Assessment Act 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-6
-
THE IMPUTATION SYSTEM
Division 205
-
Franking accounts, franking deficit tax liabilities and the related tax offset
Operative provisions
SECTION 205-25
Residency requirement for an event giving rise to a franking credit or franking debit
205-25(1)
An entity satisfies the residency requirement for an income year in which, or in relation to which, an event specified in a relevant table occurs if:
(a) the entity is a company, or a *corporate limited partnership, to which at least one of the following subparagraphs applies:
(b) (Repealed by No 53 of 2016)
(c) the entity is a *public trading trust for the income year.
205-25(2)
The tables in sections 205-15 and 205-30 are relevant for the purposes of subsection (1).
View history note
Hide history noteAn entity satisfies the residency requirement for an income year in which, or in relation to which, an event specified in a relevant table occurs if:
(a) the entity is a company, or a *corporate limited partnership, to which at least one of the following subparagraphs applies:
(i) the entity is an Australian resident for more than one half of the 12 months immediately preceding the event if the event occurs before the end of the income year;
(ii) the entity is an Australian resident at all times during the income year when the entity exists if the event occurs at or after the end of the income year;
(iii) the entity is an Australian resident for more than one half of the income year (whether or not the event occurs before the end of the income year); or
(b) (Repealed by No 53 of 2016)
(c) the entity is a *public trading trust for the income year.
205-25(2)
The tables in sections 205-15 and 205-30 are relevant for the purposes of subsection (1).
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.