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 220
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Imputation for NZ resident companies and related companies
Subdivision 220-C
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Modifications of other Divisions of this Part
Franking NZ franking companies' distributions
SECTION 220-110 220-110 Maximum franking credit under section 202-60
For the purposes of working out the *maximum franking credit for a *frankable distribution made by an *NZ franking company in a *foreign currency, translate the amount of the distribution into Australian currency at the exchange rate applicable at the time of the decision to make the *distribution.
View history note
Hide history noteSECTION 220-110 220-110 Maximum franking credit under section 202-60
For the purposes of working out the *maximum franking credit for a *frankable distribution made by an *NZ franking company in a *foreign currency, translate the amount of the distribution into Australian currency at the exchange rate applicable at the time of the decision to make the *distribution.
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