Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-20
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TAX OFFSETS
Division 67
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Refundable tax offset rules
Operative provisions
SECTION 67-25
Refundable tax offsets
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franked distributions
67-25(1)
*Tax offsets available under Division 207 (which sets out the effects of receiving a *franked distribution) or Subdivision 210-H (which sets out the effects of receiving a *distribution *franked with a venture capital credit) are subject to the refundable tax offset rules, unless otherwise stated in this section.
67-25(1A)
Where the trustee of a *non-complying superannuation fund or a *non-complying approved deposit fund is entitled to a *tax offset under Division 207 because a *franked distribution is made to, or *flows indirectly to, the trustee, the tax offset is not subject to the refundable tax offset rules.
67-25(1B)
If:
(a) the trustee of a trust to whom a *franked distribution *flows indirectly under subsection 207-50(4) is entitled to a *tax offset under Division 207 for an income year because of the distribution; and
(b) the trustee is liable to be assessed under section 98 or 99A of the Income Tax Assessment Act 1936 on a share of, or all or a part of, the trust ' s *net income for that income year;
67-25(1C)
Where a *corporate tax entity is entitled to a *tax offset under Division 207 because a *franked distribution is made to the entity, the tax offset is not subject to the refundable tax offset rules unless:
(a) the entity is an *exempt institution that is eligible for a refund; or
(b) the entity is a *life insurance company and the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:
67-25(1D)
Where a *corporate tax entity is entitled to a *tax offset under Division 207 because a *franked distribution *flows indirectly to the entity, the tax offset is not subject to the refundable tax offset rules unless:
(a) the entity is an *exempt institution that is eligible for a refund; or
(b) the entity is a *life insurance company and the company ' s interest in the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:
67-25(1DA)
A *tax offset is not subject to the refundable tax offset rules if:
(a) an entity is entitled to the tax offset under Division 207 because a *franked distribution is made, or *flows indirectly, to the entity; and
(b) the entity is a foreign resident and carries on business in Australia at or through a permanent establishment of the entity in Australia, being a permanent establishment within the meaning of:
(c) the distribution is attributable to the permanent establishment.
67-25(1E)
Where a *corporate tax entity is entitled to a *tax offset under Subdivision 210-H because a *distribution *franked with a venture capital credit is made to the entity, the tax offset is not subject to the refundable tax offset rules unless:
(a) the entity is a *life insurance company; and
(b) the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:
67-25(2)
(Repealed by No 42 of 2009)
67-25(2A)
(Repealed by No 42 of 2009)
67-25(2B)
(Repealed by No 42 of 2009)
67-25(3)
(Repealed by No 42 of 2009)
67-25(4)
(Repealed by No 42 of 2009)
67-25(5)
(Repealed by No 42 of 2009)
67-25(6)
(Repealed by No 42 of 2009)
67-25(7)
(Repealed by No 56 of 2010)
View history note
Hide history note*Tax offsets available under Division 207 (which sets out the effects of receiving a *franked distribution) or Subdivision 210-H (which sets out the effects of receiving a *distribution *franked with a venture capital credit) are subject to the refundable tax offset rules, unless otherwise stated in this section.
67-25(1A)
Where the trustee of a *non-complying superannuation fund or a *non-complying approved deposit fund is entitled to a *tax offset under Division 207 because a *franked distribution is made to, or *flows indirectly to, the trustee, the tax offset is not subject to the refundable tax offset rules.
67-25(1B)
If:
(a) the trustee of a trust to whom a *franked distribution *flows indirectly under subsection 207-50(4) is entitled to a *tax offset under Division 207 for an income year because of the distribution; and
(b) the trustee is liable to be assessed under section 98 or 99A of the Income Tax Assessment Act 1936 on a share of, or all or a part of, the trust ' s *net income for that income year;
the tax offset is not subject to the refundable tax offset rules.
67-25(1C)
Where a *corporate tax entity is entitled to a *tax offset under Division 207 because a *franked distribution is made to the entity, the tax offset is not subject to the refundable tax offset rules unless:
(a) the entity is an *exempt institution that is eligible for a refund; or
(b) the entity is a *life insurance company and the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:
(i) starting at the beginning of the income year of the company in which the distribution is made; and
(ii) ending when the distribution is made.
67-25(1D)
Where a *corporate tax entity is entitled to a *tax offset under Division 207 because a *franked distribution *flows indirectly to the entity, the tax offset is not subject to the refundable tax offset rules unless:
(a) the entity is an *exempt institution that is eligible for a refund; or
(b) the entity is a *life insurance company and the company ' s interest in the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:
(i) starting at the beginning of the income year of the company in which the distribution is made; and
(ii) ending when the distribution is made.
67-25(1DA)
A *tax offset is not subject to the refundable tax offset rules if:
(a) an entity is entitled to the tax offset under Division 207 because a *franked distribution is made, or *flows indirectly, to the entity; and
(b) the entity is a foreign resident and carries on business in Australia at or through a permanent establishment of the entity in Australia, being a permanent establishment within the meaning of:
(i) a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ) that relates to a foreign country and affects the entity; or
(ii) subsection 6(1) of that Act, if there is no such agreement; and
(c) the distribution is attributable to the permanent establishment.
67-25(1E)
Where a *corporate tax entity is entitled to a *tax offset under Subdivision 210-H because a *distribution *franked with a venture capital credit is made to the entity, the tax offset is not subject to the refundable tax offset rules unless:
(a) the entity is a *life insurance company; and
(b) the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:
(i) starting at the beginning of the income year of the company in which the distribution is made; and
(ii) ending when the distribution is made.
67-25(2)
(Repealed by No 42 of 2009)
67-25(2A)
(Repealed by No 42 of 2009)
67-25(2B)
(Repealed by No 42 of 2009)
67-25(3)
(Repealed by No 42 of 2009)
67-25(4)
(Repealed by No 42 of 2009)
67-25(5)
(Repealed by No 42 of 2009)
67-25(6)
(Repealed by No 42 of 2009)
67-25(7)
(Repealed by No 56 of 2010)
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