Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 207.70

Gross-up and tax offset under section 207-20

                   If an entity makes a * franked distribution to an individual or a * corporate tax entity:

                     (a)  no amount is included in the receiving entity's assessable income under subsection 207-20(1); and

                     (b)  the receiving entity is not entitled to a * tax offset under subsection 207-20(2);

unless the receiving entity satisfies the * residency requirement at the time the distribution is made.



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