Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 207 - Effect of receiving a franked distribution  

Subdivision 207-E - Exceptions to the rules in Subdivision 207-D  

Exempt institutions

SECTION 207-126   Entity may be ineligible if distributions do not match trust share amounts  

207-126(1)    
This section applies to a beneficiary of a trust in relation to an income year if:

(a) the sum of the distributions:

(i) made to the beneficiary during the income year by the trustee of the trust; and

(ii) that relate to the beneficiary ' s *trust share amount in relation to a *franked distribution made during the income year;

is less than:

(b) that trust share amount.

Commissioner ' s power to treat trust share amount as having been distributed during the income year

207-126(2)    
Subsection (1) does not apply if the Commissioner, having regard to all the circumstances, considers that it would be reasonable to treat the *trust share amount as having been distributed to the beneficiary in the income year.