Income Tax Assessment Act 1997
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Hide history noteSECTION 220-410 Franking credit reduced if tax offset reduced 220-410(1)
If, under section 220-400 or 220-405 , a *corporate tax entity's *tax offset (the reduced tax offset ) for the *franked distribution described in that section is less than it would be apart from that section, the *franking credit arising in that entity's *franking account because of the *distribution is equal to the reduced tax offset.
220-410(2)
The following provisions have effect subject to this section:
(a) items 3 and 4 of the table in section 205-15 ;
(b) items 5 and 6 of the table in section 219-15 .
Note:
Each of those items gives rise to a franking credit for a franked distribution if the recipient is entitled under Division 207 to a tax offset for the distribution. Those items provide that the amount of the credit equals the amount of that offset.
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