INCOME TAX ASSESSMENT ACT 1997 - SECT 201.1 Objects

INCOME TAX ASSESSMENT ACT 1997 - SECT 201.1

  (1)   The main object of this Part   is to allow certain * corporate tax entities to pass to their * members the benefit of having paid income tax on the profits underlying certain * distributions.

  (2)   The other objects of this Part are to ensure that:

  (a)   the imputation system is not used to give the benefit of income tax paid by a * corporate tax entity to * members who do not have a sufficient economic interest in the entity; and

  (b)   the imputation system is not used to prefer some members over others when passing on the benefits of having paid income tax; and

  (c)   the * membership of a corporate tax entity is not manipulated to create either of the outcomes mentioned in paragraphs   (a) and (b).