Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 200 - Guide to Part 3-6  

SECTION 200-5  

200-5   The imputation system  


The *imputation system partially integrates the income tax liabilities of an Australian corporate tax entity and its members by:


(a) allowing the entity, when distributing profits to its members, to pass to those members credit for income tax paid by the entity on those profits; and


(b) allowing the entity ' s Australian members to claim a tax offset for that credit; and


(c) allowing the entity ' s Australian members to claim a refund if they are unable to fully utilise the tax offset in reducing their income tax.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.