INCOME TAX ASSESSMENT ACT 1997 - SECT 207.10 What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997 - SECT 207.10
What this Subdivision is aboutAs a general rule, if a member of an entity receives a franked distribution:
• an amount equal to the franking credit on the distribution is included in the member's assessable income; and
• the member is entitled to a tax offset equal to the franking credit on the distribution.
207 - 15 Applying the general rule
207 - 20 General rule--gross - up and tax offset