Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 208.70

Amount of the exempting credit on a distribution

                 (1)    Subject to subsection (2), the amount of the * exempting credit on a * distribution is that stated in the * distribution statement for the distribution.

                 (2)    If the sum of the * franking credit and the * exempting credit stated in the * distribution statement for a * distribution exceeds the * maximum franking credit for the distribution, the amount of the exempting credit on the distribution is taken to be nil.

Note:           If the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution, the amount of the franking credit on the distribution is taken to equal that maximum under section 202- 65.

Guide to Subdivision 208-D



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