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INCOME TAX ASSESSMENT ACT 1997 - SECT 207.15

Applying the general rule

  (1)   This Subdivision sets out, as a general rule, the tax effect of receiving a * franked distribution.

  (2)   This Subdivision does not apply to:

  (a)   a partnership or trustee to whom a * franked distribution is made (except a partnership or trustee that is a * corporate tax entity, or a trustee of a trust that is a * complying superannuation entity, when the distribution is made); or

  (b)   an entity to whom a franked distribution * flows indirectly.

Note:   Subject to the other provisions in this Division, Subdivision   207 - B applies to an entity excluded from the application of this Subdivision because of this subsection.

  (3)   This Subdivision applies subject to Subdivisions   207 - C, 207 - D, 207 - E and 207 - F.

Note 1:   Subdivision   207 - C sets out the residency requirements that must be satisfied by an individual or a corporate tax entity that receives a franked distribution.

Note 2:   Subdivision   207 - D sets out the cases in which the gross - up and tax offset rules in this Subdivision and Subdivision   207 - B will not apply because the franked distribution (or a share of it) would not have been taxed in any case.

Note 3:   Subdivision   207 - E sets out the exceptions to the rules in Subdivision   207 - D.

Note 4:   Subdivision   207 - F sets out the cases in which the gross - up and tax offset rules in this Subdivision and Subdivision   207 - B will not apply because the imputation system has been manipulated in a way that is not permitted under the income tax law.


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