Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

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History

Pt 3-6 inserted by No 48 of 2002.

Division 207 - Effect of receiving a franked distribution  

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History

Div 207 inserted by No 48 of 2002.

Subdivision 207-F - No gross-up or tax offset where the imputation system has been manipulated  

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Subdiv 207-F inserted by No 48 of 2002.

Guide to Subdivision 207-F

SECTION 207-140   What this Subdivision is about  

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This Subdivision creates the appropriate adjustment to cancel the effect of the gross-up and tax offset rules where the entity concerned has manipulated the imputation system in a manner that is not permitted under the income tax law.

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S 207-140 substituted by No 83 of 2004, s 3 and Sch 10 item 13, applicable to events that occur on or after 1 July 2002, subject to the rules on the application of Part 3-6 of the Income Tax Assessment Act 1997 set out in the Income Tax (Transitional Provisions) Act 1997 . S 207-140 formerly read:

What this Subdivision is about  
207-140
Where an entity has manipulated the imputation system in a manner that is not permitted under the income tax law:

• no additional amount is included in the entity ' s assessable income as a result of the relevant franked distribution; and

• any tax offset to which the entity would otherwise be entitled as a result of the distribution is denied.

S 207-140 inserted by No 48 of 2002.

TABLE OF SECTIONS

TABLE OF SECTIONS

Operative provisions
207-145	Distribution that is made to an entity
207-150	Distribution that flows indirectly to an entity
207-155	When is a distribution made as part of a dividend stripping operation?
207-157	Distribution washing
207-158	Distributions entitled to a foreign income tax deduction
207-159	Distributions funded by capital raising
207-160	Distribution that is treated as an interest payment
207-165	(Repealed by No 83 of 2004)
207-170	(Repealed by No 83 of 2004)

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