INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 1A - Circumstances in which a taxpayer can qualify for a franking credit, a franking rebate or the intercorporate dividend rebate  

Subdivision B - Qualification for franking benefits and intercorporate dividend rebate  

SECTION 160APHS   PRESCRIBED PERSONS IN RELATION TO A UNIT TRUST  

160APHS(1)   [Effect]  

This section has effect for the purposes of subparagraph (c)(i) of the definition of widely held trust in section 160APHD and subparagraph 160APHR(1)(k)(i) .

160APHS(2)   [Companies]  

A company is a prescribed person in relation to a unit trust if:

(a) the company is a non-resident; or

(b) were the company to receive a distribution from the trust, the distribution would be exempt income of the company for the purposes of this Part.

160APHS(3)   [Trustees]  

A trustee is a prescribed person in relation to a unit trust if:

(a) all the beneficiaries in the trust are prescribed persons under other provisions of this section; or

(b) were the trustee to receive a distribution from the trust, the distribution would be exempt income of the trust estate for the purposes of this Part.

160APHS(4)   [Partnerships]  

A partnership is a prescribed person in relation to a unit trust if:

(a) all the partners are prescribed persons under other provisions of this section; or

(b) were the partnership to receive a distribution from the trust, the distribution would be exempt income of the partnership for the purposes of this Part.

160APHS(5)   [Individuals (not trustees)]  

An individual (other than a trustee) is a prescribed person in relation to a unit trust if:

(a) he or she is a non-resident; or

(b) were he or she to receive a distribution from the trust, the distribution would be exempt income of the individual for the purposes of this Part.

160APHS(6)   [Commonwealth, States etc]  

The Commonwealth, each of the States, the Australian Capital Territory, the Northern Territory and Norfolk Island are prescribed persons in relation to a unit trust.