Income Tax (Transitional Provisions) Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-6
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THE IMPUTATION SYSTEM
Division 214
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Administering the imputation system
SECTION 214-120
214-120
Record keeping
Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if:
(a) the reference in that section to a person carrying on a business were a reference to a corporate tax entity; and
(b) the reference in paragraph (2)(a) of that section to the person ' s income and expenditure were a reference to:
(c) paragraph (5)(a) of that section were omitted.
View history note
Hide history noteSection 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if:
(a) the reference in that section to a person carrying on a business were a reference to a corporate tax entity; and
(b) the reference in paragraph (2)(a) of that section to the person ' s income and expenditure were a reference to:
(i) the entity ' s franking account balance; and
(ii) the entity ' s liability to pay franking tax; and
(c) paragraph (5)(a) of that section were omitted.
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