Income Tax Assessment Act 1997
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Hide history noteSECTION 207-132 Treatment of benefits provided by an entity to a controller 207-132(1)
This section applies in relation to a benefit (the relevant benefit ) given by an entity to a *controller (for imputation purposes) of the entity, or to an *associate of such a controller, if:
(a) the controller or associate:
(i) makes a *franked distribution to the entity; or
(ii) is the trustee of the trust in relation to which a *trust share amount of the entity arises in relation to a franked distribution that *flows indirectly to the entity; and
(b) the benefit is, or was, given to the controller or associate at any time during the period that starts 3 years before, and ends 3 years after, the distribution is made or the trust share amount arises (as appropriate).
207-132(2)
For the purposes of paragraph 207-120(2) (d), the controller or *associate is taken to have obtained the relevant benefit because of a *distribution event in relation to the *franked distribution or *trust share amount.
207-132(3)
For the purposes of paragraph 207-130(1) (c), and at least to the extent of the relevant benefit, the controller or *associate is taken to have benefited from a *distribution event or *arrangement that caused section 207-120 to apply in relation to the *franked distribution or *trust share amount.
Commissioner ' s power not to apply subsection (2) or (3)
207-132(4)
Subsection (2) or (3) does not apply in relation to a benefit if the Commissioner is satisfied, having regard to all the circumstances, that it would be unreasonable to apply that subsection.
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