Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 218 - Application of imputation rules to co-operative companies  

SECTION 218-5   Application of imputation rules to co-operative companies  

218-5(1)    
The *imputation system applies to a *co-operative company in the same way as it applies to any other company but with the modifications set out in this section.

218-5(2)    
Each reference to a *distribution is taken to include a reference to an amount distributed as mentioned in paragraph 120(1)(a) or (b) of the Income Tax Assessment Act 1936 .

218-5(3)    
Despite subsection 202-75(1) (about giving distribution statements), a *co-operative company does not have to give the recipient of a *frankable distribution a *distribution statement unless the *franking percentage for the distribution is greater than zero.