Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)
Schedule 10 Franked distributions received through certain partnerships and trustees
Part 3 Amendments commencing on 30 June 2003
Income Tax Assessment Act 1997
23 Subsection 67-25(1B)
Repeal the subsection, substitute:
(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.