Taxation Ruling

IT 2417A1 - Addendum

Income tax: Imputation of Company Tax: Form approved by Commissioner of Taxation for issue to shareholders receiving dividends

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Addendum

This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Taxation Ruling IT 2417 to reflect the changes to the law resulting from the operation of the New Business Tax System (Imputation) Act 2002.

Taxation Ruling IT 2417 is amended as follows:

1. Paragraph 3

Omit 'rebate'; substitute 'tax offset'.

2. Paragraph 4

Omit 'section 46 rebate'; substitute 'tax offset under section 207-20 of the Income Tax Assessment Act 1997 (ITAA 1997) equal to the franking credit'.

3. Paragraph 6

Omit subparagraph (a); substitute:

(a)

section 202-75 of the ITAA 1997 requires an entity to make a frankable distribution to provide the recipient with a distribution statement. The statement must be given on or before the day on which the distribution is made, unless the entity is allowed to give the statement at a later time under subsection 202-75(3). A statement must include the following details under subsection 202-80(3):

(i)

identify the entity making the distribution; and

(ii)

state the date on which the distribution is made; and

(iii)

state the amount of the distribution; and

(iv)

state that there is a franking credit of an amount specified on the distribution; and

(v)

state the franking percentage for the distribution; and

(vi)

state the amount of any withholding tax that has been deducted from the distribution by the entity; and

(vii)

include any other information required by the approved form that is relevant to imputation generally or the distribution.

4. Paragraph 7

Omit 'paragraph (c)'; substitute 'paragraph (g)'.

5. Paragraph 9

Omit the paragraph.

6. Legislative References

Omit 'section 46 rebate' substitute section 207-20'; section 202-75; section 202-80'.

This Addendum applies on and from 1 July 2002.

Commissioner of Taxation
7 August 2013

References

ATO references:
NO 1-21MXLWG

Related Rulings/Determinations:

IT 2417