Commonwealth of Australia Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 220.410

             (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.

Rules about exempting entities