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INCOME TAX ASSESSMENT ACT 1997 - SECT 220.410

Franking credit reduced if tax offset reduced

  (1)   If, under section   220 - 400 or 220 - 405, a * corporate tax entity's * tax offset (the reduced tax offset ) for the * franked distribution described in that section is less than it would be apart from that section, the * franking credit arising in that entity's * franking account because of the * distribution is equal to the reduced tax offset.

  (2)   The following provisions have effect subject to this section:

  (a)   items   3 and 4 of the table in section   205 - 15;

  (b)   items   5 and 6 of the table in section   219 - 15.

Note:   Each of those items gives rise to a franking credit for a franked distribution if the recipient is entitled under Division   207 to a tax offset for the distribution. Those items provide that the amount of the credit equals the amount of that offset.


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