Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-6 - THE IMPUTATION SYSTEM

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Division 207 - Effect of receiving a franked distribution

Subdivision 207-A - Effect of receiving a franked distribution generally

SECTION 207-10 What this Subdivision is about

As a general rule, if a member of an entity receives a franked distribution:

• an amount equal to the franking credit on the distribution is included in the member ' s assessable income; and

• the member is entitled to a tax offset equal to the franking credit on the distribution.