Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 208 - Exempting entities and former exempting entities  

Subdivision 208-B - Franking with an exempting credit  

Operative provisions

SECTION 208-60  

208-60   Franking with an exempting credit  

An entity franks a *distribution with an exempting credit if:

(a) the entity is a *former exempting entity when the distribution is made; and

(b) the entity is a *franking entity that satisfies the *residency requirement when the distribution is made; and

(c) the distribution is a *frankable distribution; and

(d) the entity allocates an *exempting credit to the distribution.

Note:

The residency requirement for an entity making a distribution is set out in section 202-20 .