Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-6 - THE IMPUTATION SYSTEM

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Division 205 - Franking accounts, franking deficit tax liabilities and the related tax offset

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Operative provisions

SECTION 205-25 Residency requirement for an event giving rise to a franking credit or franking debit

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205-25(1)

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An entity satisfies the residency requirement for an income year in which, or in relation to which, an event specified in a relevant table occurs if:

(a) the entity is a company, or a *corporate limited partnership, to which at least one of the following subparagraphs applies:

(i) the entity is an Australian resident for more than one half of the 12 months immediately preceding the event if the event occurs before the end of the income year;

(ii) the entity is an Australian resident at all times during the income year when the entity exists if the event occurs at or after the end of the income year;

(iii) the entity is an Australian resident for more than one half of the income year (whether or not the event occurs before the end of the income year); or

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(b) (Repealed by No 53 of 2016)

(c) the entity is a *public trading trust for the income year.

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History

S 205-25(1) amended by No 53 of 2016, s 3 and Sch 5 item 45, by repealing para (b), applicable to assessments for income years starting on or after 1 July 2016. For transitional provision, see note under s 295-173 . Para (b) formerly read:

(b) the entity is a *corporate unit trust for the income year; or

S 205-25(1) amended by No 41 of 2005.

S 205-25(1) substituted by No 101 of 2004, s 3 and Sch 7 item 3, effective 30 June 2003 and, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 , applicable to events that occur on or after 1 July 2002. S 205-25(1) formerly read:

205-25(1)
An entity satisfies the residency requirement for an income year in which, or in relation to which, an event specified in a relevant table occurs if:

(a) where the entity is a *company:

(i) the company is an *Australian resident for more than one half of the year; or

(ii) the company is an Australian resident at all times during the year when the company exists; or

(b) where the entity is a *corporate limited partnership:

(i) the corporate limited partnership is an Australian resident for more than one half of the year; or

(ii) the corporate limited partnership is an Australian resident at all times during the year when the corporate limited partnership exists; or

(c) the entity is a *corporate unit trust for the income year; or

(d) the entity is a *public trading trust for the income year.

S 205-25(1) amended by No 90 of 2002.

205-25(2)

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The tables in sections 205-15 and 205-30 are relevant for the purposes of subsection (1).

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