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INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 1A - Circumstances in which a taxpayer can qualify for a franking credit, a franking rebate or the intercorporate dividend rebate  

Subdivision B - Qualification for franking benefits and intercorporate dividend rebate  

SECTION 160APHS  PRESCRIBED PERSONS IN RELATION TO A UNIT TRUST  

160APHS(1)  [Effect]  


This section has effect for the purposes of subparagraph (c)(i) of the definition of widely held trust in section 160APHD and subparagraph 160APHR(1)(k)(i).

160APHS(2)  [Companies]  


A company is a prescribed person in relation to a unit trust if:


(a) the company is a non-resident; or


(b) were the company to receive a distribution from the trust, the distribution would be exempt income of the company for the purposes of this Part.

160APHS(3)  [Trustees]  


A trustee is a prescribed person in relation to a unit trust if:


(a) all the beneficiaries in the trust are prescribed persons under other provisions of this section; or


(b) were the trustee to receive a distribution from the trust, the distribution would be exempt income of the trust estate for the purposes of this Part.

160APHS(4)  [Partnerships]  


A partnership is a prescribed person in relation to a unit trust if:


(a) all the partners are prescribed persons under other provisions of this section; or


(b) were the partnership to receive a distribution from the trust, the distribution would be exempt income of the partnership for the purposes of this Part.

160APHS(5)  [Individuals (not trustees)]  


An individual (other than a trustee) is a prescribed person in relation to a unit trust if:


(a) he or she is a non-resident; or


(b) were he or she to receive a distribution from the trust, the distribution would be exempt income of the individual for the purposes of this Part.

160APHS(6)  [Commonwealth, States etc]  


The Commonwealth, each of the States, the Australian Capital Territory, the Northern Territory and Norfolk Island are prescribed persons in relation to a unit trust.


 



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