Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)
Schedule 3 Simplified Imputation System
Part 2 Miscellaneous consequential and technical amendments
Income Tax Assessment Act 1997
94 At the end of section 208-165
Add:
(2) Use the following formula to work out the amount of a *franking credit arising under item 5 of the table in section 208-130 because an *exempting entity receives a *distribution *franked with an exempting credit:
Franking credit on the distribution * (Amount of the distribution that is not exemption income of the recipient / Amount of the distribution)
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