Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-6 - THE IMPUTATION SYSTEM

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Division 207 - Effect of receiving a franked distribution

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Subdivision 207-E - Exceptions to the rules in Subdivision 207-D

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Exempt institutions

SECTION 207-115 Which exempt institutions are eligible for a refund?

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207-115(1)
This section sets out the only circumstances in which an entity is an exempt institution that is eligible for a refund .

Income tax exempt charities

207-115(2)
An entity is an exempt institution that is eligible for a refund if it:

(a)

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is covered by item 1.1 of the table in section 50-5 ; and

(b) is endorsed as exempt from income tax under Subdivision 50-B ; and

(c) satisfies the *residency requirement.

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Income tax exempt deductible gift recipients

207-115(3)
An entity is an exempt institution that is eligible for a refund if it:

(a) is endorsed under paragraph 30-120(a) ; and

(b) satisfies the *residency requirement.

Income tax exempt specified deductible gift recipients

207-115(4)
An entity is an exempt institution that is eligible for a refund if:

(a) the entity ' s name is specified in a table in a section in Subdivision 30-B ; and

(b) it has an ABN; and

(c)

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it satisfies the *residency requirement.

207-115(5)
(Repealed by No 40 of 2023)

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Income tax exempt subsidiaries of the Future Fund Board

207-115(5A)

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An entity is an exempt institution that is eligible for a refund if it is covered by item 5.4 of the table in section 50-25 .

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Prescribed income tax exempt entities

207-115(6)
An entity is an exempt institution that is eligible for a refund if the entity is prescribed as an exempt institution that is eligible for a refund by the regulations.

207-115(7)
This section has effect subject to sections 207-119 to 207-136 .

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History

S 207-115(7) inserted by No 23 of 2005.

S 207-115 renumbered from s 207-130 by No 23 of 2005.

Former s 207-110 substituted for s 207-110, 207-115, 207-120 and 207-125 by No 83 of 2004, s 3 and Sch 10 item 11, applicable to events that occur on or after 1 July 2002, 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 . S 207-115 formerly read:

When a franked distribution flows indirectly through an entity
207-115(1)
This section sets out the only circumstances in which a *franked distribution is taken to flow indirectly through an entity in an income year.

207-115(2)
A *franked distribution flows indirectly through a *partnership if:

(a) the distribution is made to the partnership and *flows indirectly to a partner in the partnership; or

(b) the distribution *flows indirectly to the partnership and to a partner in the partnership.

207-115(3)
A *franked distribution flows indirectly through a trustee of a trust if the distribution is made to the trustee and *flows indirectly to:

(a) a beneficiary of the trust, under subsection 207-35(3) ; or

(b) the trustee, under subsection 207-35(4) .

207-115(4)
A *franked distribution flows indirectly through a trustee of a trust if:

(a) the distribution *flows indirectly to the trustee because the trustee is either:

(i) a beneficiary of another trust; or

(ii) a partner in a partnership; and

(b) the distribution flows indirectly:

(i) to a beneficiary of the trust, under subsection 207-35(3) ; or

(ii) to the trustee, under subsection 207-35(4) .

Former s 207-115 inserted by No 48 of 2002.

[ CCH Note: S 207-115(5) will be repealed by No 40 of 2023, s 3 and Sch 3 item 19, effective 1 January 2024. For transitional provision, see note under s 30-80(1) .]

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