Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 200.5

The imputation system

                   The * imputation system partially integrates the income tax liabilities of an Australian corporate tax entity and its members by:

                     (a)  allowing the entity, when distributing profits to its members, to pass to those members credit for income tax paid by the entity on those profits; and

                     (b)  allowing the entity's Australian members to claim a tax offset for that credit; and

                     (c)  allowing the entity's Australian members to claim a refund if they are unable to fully utilise the tax offset in reducing their income tax.



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