Income Tax Assessment Act 1997

Pt 3-6 inserted by No 48 of 2002.

Div 220 inserted by No 67 of 2003.

Subdiv 220-C inserted by No 67 of 2003.

S 220-400(1) amended by No 143 of 2007 , s 3 and Sch 1 item 151, by substituting " to a tax offset under Division 770 " for " under section 160AF (Credits in respect of foreign tax) of the Income Tax Assessment Act 1936 to a credit " , applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under Div 770 heading .

S 220-400(1) amended by No 83 of 2004, s 3 and Sch 10 item 30 to 32, by substituting para (b), omitting " and " from the end of para (c) and repealing para (d), applicable in relation to things happening on or after 1 April 2003, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 . Paras (b) and (d) formerly read:

(b) under section 207-20:

(i) an amount is included in the recipient ' s assessable income for the income year; and

(ii) the recipient is entitled to a *tax offset for the income year; and

(d) the recipient ' s income tax for the income year is reduced to some extent on account of the credit.

S 220-400(2) amended by No 83 of 2004, s 3 and Sch 10 item 33, by inserting " under section 207-20 " after " assessable income " , applicable in relation to things happening on or after 1 April 2003, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 .

S 220-400(3) amended by No 83 of 2004, s 3 and Sch 10 item 34, by inserting " under section 207-20 " after " *tax offset " , applicable in relation to things happening on or after 1 April 2003, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 .

S 220-400(4), (5) and (6) substituted for s 220-400(4) and (5) by No 83 of 2004, s 3 and Sch 10 item 35, applicable in relation to things happening on or after 1 April 2003, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 . S 220-400(4) formerly read:

Amount of gross-up and tax offset in case of manipulation

220-400(4)
If subsection 207-145(2) applies in relation to the recipient as the entity mentioned in that subsection, it has effect as if the amount of the *franking credit were equal to the amount of the *tax offset after reduction under subsection (3) of this section.

Note:

Subsection 207-145(2) reduces the amount included in an entity ' s assessable income, and the amount of the tax offset to which the entity is entitled, under section 207-20 if the Commissioner determines that no franking credit benefit is to arise for part of a franked distribution to the entity.

S 220-400(4), (5) and (6) substituted for s 220-400(4) and (5) by No 83 of 2004, s 3 and Sch 10 item 35, applicable in relation to things happening on or after 1 April 2003, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 . S 220-400(5) formerly read:

Relationship with sections 207-20 and 207-145

220-400(5)
Sections 207-20 and 207-145 have effect subject to this section.

S 220-400(4), (5) and (6) substituted for s 220-400(4) and (5) by No 83 of 2004, s 3 and Sch 10 item 35, applicable in relation to things happening on or after 1 April 2003, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 .

S 220-400 inserted by No 67 of 2003.