Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 3   Simplified Imputation System

Part 2   Miscellaneous consequential and technical amendments

Income Tax Assessment Act 1997

96   Section 208-170 (formula)

Omit the formula, substitute:

Exempting credit on the distribution * (Amount of the distribution that is not exempt income of the recipient / Amount of the distribution) * ((Amount of the distribution - Specified part of the distribution) / Amount of the distribution)