Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section has effect if an * NZ franking company * franks with an exempting credit a * distribution the company makes when it is a * former exempting entity.
(2) If, under Subdivision 208 - H, Division 207 applies in relation to the * distribution, it applies subject to the provisions of this Division that modify the effect of that Division.
Note 1: Subdivision 208 - H provides in some cases for the tax effect of a distribution franked with an exempting credit by applying Division 207 as if the distribution were a franked distribution.
Note 2: Sections 220 - 400 and 220 - 405 modify the effect of Division 207 so far as it relates to the tax effect of distributions by NZ franking companies that pay supplementary dividends in connection with the distributions.
(3) Subdivision 208 - H has effect subject to this
section.