INCOME TAX ASSESSMENT ACT 1997 - SECT 207.65 Satisfying the residency requirement

INCOME TAX ASSESSMENT ACT 1997 - SECT 207.65

  (1)   This Subdivision sets out the residency requirements that must be satisfied by an individual or a corporate tax entity that receives a franked distribution, if the franking credit on the distribution is to be included in that entity's assessable income, or the entity is to be entitled to a tax offset, under the general rule.

  (2)   It does not impose a residency requirement on other entities, because the significance of residency for those entities is dealt with elsewhere in this Act.

  (3)   It does not impose a residency requirement where a distribution flows indirectly to an entity. This is also because the significance of residency is dealt with elsewhere, for the most part   in Divisions   5 and 6 of Part   III of the Income Tax Assessment Act 1936 .