Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 207 - Effect of receiving a franked distribution  

Subdivision 207-C - Residency requirements for the general rule  

Operative provisions

SECTION 207-70  

207-70   Gross-up and tax offset under section 207-20  

If an entity makes a *franked distribution to an individual or a *corporate tax entity:

(a) no amount is included in the receiving entity ' s assessable income under subsection 207-20(1) ; and

(b) the receiving entity is not entitled to a *tax offset under subsection 207-20(2) ;

unless the receiving entity satisfies the *residency requirement at the time the distribution is made.