New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 29 Consequential amendments relating to the simplified imputation system

Income Tax Assessment Act 1997

13 After Division 975

Insert:

Division 976 - Imputation

Table of sections

976-1 Franked part of a distribution

976-5 Unfranked part of a distribution

976-10 The part of a distribution that is franked with an exempting credit

976-15 The part of a distribution that is franked with a venture capital credit

976-1 Franked part of a distribution

The franked part of a *distribution is an amount worked out using the formula:

Franking credit on the ditribution *((1 - Corporate tax rate) / Corporate tax rate)

976-5 Unfranked part of a distribution

The unfranked part of a *distribution is the amount that is left after deducting the *franked part of the distribution from the total distribution.

976-10 The part of a distribution that is franked with an exempting credit

The part of a distribution that is franked with an exempting credit is worked out using the formula:

Exemption credit on the distribution * ((1 - Corporate tax rate) / Corporate tax rate)

976-15 The part of a distribution that is franked with a venture capital credit

The part of a distribution that is franked with a venture capital credit is worked out using the formula:

Venture capital credit on the distribution * ((1 - Corporate tax rate) / Corporate tax rate)

[The next Part is Part 6-5.]

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