Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 10   Technical corrections and amendments

Part 2   Technical corrections and amendments commencing otherwise than on Royal Assent

Income Tax Assessment Act 1997

250   Subsection 205-50(3)

Omit "If an entity ceases to be a *franking entity during an income year, a *refund of income tax is taken to have been paid to it immediately before it ceased to be a franking entity, for the purposes of subsection 205-45(3), if:", substitute "If an entity ceases to be a *franking entity during an income year, the entity is taken to have *received a refund of income tax immediately before it ceased to be a franking entity for the purposes of subsection 205-45(3) if:".