Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 202.60

Amount of the franking credit on a distribution

  (1)   The amount of the * franking credit on a * distribution is that stated in the * distribution statement for the distribution, unless that amount exceeds the * maximum franking credit for the distribution.

  (2)   The maximum franking credit for a * distribution is worked out using the formula:

Start formula Amount of the *frankable distribution times start fraction 1 over Applicable gross-up rate end fraction end formula

where:

"applicable gross-up rate" means the * corporate tax gross - up rate of the entity making the distribution for the income year in which the distribution is made.


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