Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 802.50

Receipt of an unfranked distribution from another Australian corporate tax entity

             (1)  The entity's conduit foreign income is reduced if:

                     (a)  the entity (the receiving entity ) receives from another * Australian corporate tax entity a * frankable distribution that has an * unfranked part; and

                     (b)  the * distribution statement for the * distribution declares an amount (the declared amount ) of the unfranked part to be conduit foreign income; and

                     (c)  some or all of the declared amount is not * non-assessable non-exempt income under section 802-20.

             (2)  The amount of the reduction is the amount that is not * non-assessable non-exempt income under section 802-20 less any expenses reasonably related to that amount.



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