Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)
Schedule 5 Franking of dividends by exempting companies and former exempting companies
Income Tax Assessment Act 1936
68 Subsection 177EA(16)
Repeal the subsection, substitute:
Meaning of franked distribution
(16) A distribution in respect of an interest in shares is taken to be franked if:
(a) there is a class A flow-on franking amount, a class B flow-on franking amount or a class C flow-on franking amount in relation to the relevant partnership amount or trust amount; or
(b) the distribution is taken by section 160AQZB or 160AQZC to be franked.
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