Commonwealth Consolidated Acts Commonwealth Consolidated ActsAs 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.
Table of sections
Operative provisions
207-15 Applying the general rule
207-20 General rule--gross-up and tax offset