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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 160APHU  BENEFICIARY OR PARTNER NOT TO BE A QUALIFIED PERSON IF TRUSTEE OR PARTNERSHIP IS NOT A QUALIFIED PERSON: TRUSTEE OR PARTNERSHIP MAY BE ENTITLED TO DEDUCTION  

160APHU(1)  Disqualification of beneficiary or partner.  


If a taxpayer that is a trustee or partnership is not a qualified person in relation to a dividend (including a trustee or partnership that is not a qualified person because of a previous application of this subsection), then, despite any other provision of this Subdivision (except subsection 160APHH(6)), no beneficiary of the trust or partner in the partnership is a qualified person in relation to the dividend.

160APHU(2)  Allowable deduction to trustee or partnership in certain circumstances.  


If:


(a) a taxpayer that is a trustee or a partnership is not a qualified person in relation to a dividend; and


(b) the dividend is not paid to the trustee or partnership as the holder of the shares on which the dividend is paid (that is, the trustee or partnership receives a trust amount or partnership amount in respect of the dividend);

a deduction is allowable to the trustee or partnership, from the assessable income of the trust estate or partnership of the year of income in which the relevant trust amount or partnership amount was received, of an amount equal to the sum of the amounts represented by the letters PR and EPR in the definition of potential rebate amount in section 160APA in so far as it relates to the trust amount or partnership amount.


 



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