Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 208 - Exempting entities and former exempting entities  

Subdivision 208-F - Exempting accounts and franking accounts of exempting entities and former exempting entities  

Operative provisions

SECTION 208-165   Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit  

208-165(1)    
Use the following formula to work out:

(a) the amount of an *exempting credit arising under item 2 of the table in section 208-115 because a *former exempting entity receives a *distribution *franked with an exempting credit; or

(b) the amount of a *franking credit arising under item 2 of the table in section 208-130 because an *exempting entity receives a distribution franked with an exempting credit;

*Exempting credit on the *distribution

×

Amount of the distribution that is not *exempt income                       of the recipient                       Amount of the distribution

208-165(2)    

Use the following formula to work out the amount of a *franking credit arising under item 5 of the table in section 208-130 because an *exempting entity receives a *distribution *franked with an exempting credit:

*Franking credit on the *distribution

×

Amount of the distribution that is not *exempt income of the recipient Amount of the distribution