New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 13   Exempting entities and former exempting entities

Income Tax Assessment Act 1997

32   Subsection 995-1(1) (paragraphs (a), (b) and (c) of the definition of residency requirement )

Repeal the paragraphs, substitute:

(a) for an entity making a*distribution - has the meaning given by section 202-20; and

(b) for an income year in which, or in relation to which, an event specified in a table in one of the following sections occurs:

(i) section 205-15 (general table of*franking credits);

(ii) section 205-30 (general table of*franking debits);

(iii) section 208-115 (table of*exempting credits);

(iv) section 208-120 (table of*exempting debits);

(v) section 208-130 (table of franking credits that arise because of an entity's status as a*former exempting entity or*exempting entity);

(vi) section 208-145 (table of franking debits that arise because of an entity's status as a former exempting entity or exempting entity); and

(c) for an entity receiving a distribution - has the meaning given by section 207-75; and