Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-6
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THE IMPUTATION SYSTEM
Division 205
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Franking accounts, franking deficit tax liabilities and the related tax offset
Operative provisions
SECTION 205-35
Refund of income tax, diverted profits tax or Australian DMT tax
205-35(1)
An entity receives a refund of income tax if and only if: (a) either:
205-35(1A)
An entity receives a refund of diverted profits tax if and only if: (a) either:
205-35(1B)
An entity receives a refund of Australian DMT tax if and only if: (a) either:
205-35(2)
The amount of the refund is so much of the amount refunded or applied as represents the return, or amount remaining, referred to in paragraph (1)(b) , (1A)(b) or (1B)(b) .
View history note
Hide history noteAn entity receives a refund of income tax if and only if: (a) either:
(i) the entity receives an amount as a refund; or
(b) the refund of the amount, or the application of the credit, represents in whole or in part:
(ii) the Commissioner applies a credit, or an *RBA surplus, against a liability or liabilities of the entity; and
(i) a return to the entity of an amount paid or applied to satisfy the entity ' s liability to pay income tax; or
(ii) the amount remaining after applying a *loss carry back tax offset, or a *tax offset that is subject to the refundable tax offset rules because of section 67-30 (about R & D), against the entity ' s basic income tax liability.
205-35(1A)
An entity receives a refund of diverted profits tax if and only if: (a) either:
(i) the entity receives an amount as a refund; or
(b) the refund of the amount, or the application of the credit, represents in whole or in part a return to the entity of an amount paid or applied to satisfy the entity ' s liability to pay *diverted profits tax.
(ii) the Commissioner applies a credit, or an *RBA surplus, against a liability or liabilities of the entity; and
205-35(1B)
An entity receives a refund of Australian DMT tax if and only if: (a) either:
(i) the entity receives an amount as a refund; or
(b) the refund of the amount, or the application of the credit, represents in whole or in part a return to the entity of an amount paid or applied to satisfy the entity ' s liability to pay * Australian DMT tax.
(ii) the Commissioner applies a credit, or an * RBA surplus, against a liability or liabilities of the entity; and
205-35(2)
The amount of the refund is so much of the amount refunded or applied as represents the return, or amount remaining, referred to in paragraph (1)(b) , (1A)(b) or (1B)(b) .
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