Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)
Schedule 6 Loss carry back consequential amendments
Part 2 Other amendments
Income Tax Assessment Act 1997
63 Subsection 219-30(2) (at the end of the table)
Add:
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3 |
the company *receives a *tax offset refund; and the company does not satisfy the *residency requirement for the income year to which the refund relates; and the company was a *franking entity for the whole or part of that income year; and the company's *franking account is in *surplus on the day on which the refund is received |
the lesser of: (a) that part of the refund that is attributable to: (i) the *shareholders' share of the income tax liability of the company for that income year; and (ii) the period during which the company was a franking entity; and (b) the amount of the *franking surplus |
on the day on which the refund is received |
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