Taxation Laws Amendment Act (No. 3) 1998 (47 of 1998)

Schedule 7   Franking of dividends and other distributions

Part 2   Income Tax Assessment Act 1936 (schemes to provide franking credit benefits)

19   At the end of section 160AQYA

Add:

(3) If a determination is made under paragraph 177EA(5)(b) in respect of the whole of a dividend or distribution that is represented by the trust amount or partnership amount, the taxpayer is not entitled to a rebate of tax under this section.

(4) If a determination is made under paragraph 177EA(5)(b) in respect of a part of a dividend or distribution that is represented by the trust amount or partnership amount, the rebate of tax to which the taxpayer would otherwise be entitled under this section is reduced by the same proportion as that part of the dividend or distribution bears to the whole of the dividend or distribution.