• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 207.132 Treatment of benefits provided by an entity to a controller

INCOME TAX ASSESSMENT ACT 1997 - SECT 207.132

Treatment of benefits provided by an entity to a controller

  (1)   This section applies in relation to a benefit (the relevant benefit ) given by an entity to a * controller (for imputation purposes) of the entity, or to an * associate of such a controller, if:

  (a)   the controller or associate:

  (i)   makes a * franked distribution to the entity; or

  (ii)   is the trustee of the trust in relation to which a * trust share amount of the entity arises in relation to a franked distribution that * flows indirectly to the entity; and

  (b)   the benefit is, or was, given to the controller or associate at any time during the period that starts 3 years before, and ends 3 years after, the distribution is made or the trust share amount arises (as appropriate).

  (2)   For the purposes of paragraph   207 - 120(2)(d), the controller or * associate is taken to have obtained the relevant benefit because of a * distribution event in relation to the * franked distribution or * trust share amount.

  (3)   For the purposes of paragraph   207 - 130(1)(c), and at least to the extent of the relevant benefit, the controller or * associate is taken to have benefited from a * distribution event or * arrangement that caused section   207 - 120 to apply in relation to the * franked distribution or * trust share amount.

Commissioner's power not to apply subsection   (2) or (3)

  (4)   Subsection   (2) or (3) does not apply in relation to a benefit if the Commissioner is satisfied, having regard to all the circumstances, that it would be unreasonable to apply that subsection.

Download

No downloadable files available