Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 961.65

Reductions to take account of change in circumstances

             (1)  The amount of the notional tax offset under section 961-60 is reduced in accordance with subsection (2) if:

                     (a)  paragraph 961-55(1)(a) applies during only part of the year; or

                     (b)  paragraph 961-55(1)(c) does not apply because of subsection 961-55(2).

             (2)  The amount of the notional tax offset is reduced to an amount that, in the Commissioner's opinion, is a reasonable apportionment in the circumstances, having regard to the matters referred to in paragraphs (1)(a) and (b).

Table of Subdivisions

974-A   General

974-B    Debt interests

974-C    Equity interests

974-D   Common provisions

974-E    Non-share distributions by a company

974-F    Related concepts

Guide to Division 974



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