Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 204 - Anti-streaming rules  

Subdivision 204-E - Disclosure requirements  

Operative provisions

SECTION 204-70   Application of this Subdivision  

204-70(1)    
This Subdivision applies to an entity if the difference between:

(a) the *benchmark franking percentage for the entity for a *franking period (the current franking period ); and

(b) the benchmark franking percentage for the entity for the last franking period in which a *frankable distribution was made (the last relevant franking period );

is more than the amount worked out using the following formula (whether the percentage for the current franking period is more than or less than the percentage for the last relevant franking period):

Number of *franking periods starting immediately after the last relevant franking period and ending at the end of the current franking period

×

20 percentage points

204-70(2)    
However, this Subdivision does not apply to an entity to which the benchmark rule does not apply.

Note:

Section 203-20 identifies the entities to which the benchmark rule does not apply.