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INCOME TAX ASSESSMENT ACT 1997 - SECT 802.45 Previous declarations of conduit foreign income

INCOME TAX ASSESSMENT ACT 1997 - SECT 802.45

Previous declarations of conduit foreign income

    The entity's conduit foreign income is reduced if:

  (a)   the entity makes a * frankable distribution that has an * unfranked part; and

  (b)   the entity declares an amount of the unfranked part to be conduit foreign income.

The amount of the reduction is the amount so declared.

Note:   If the amount declared is less than the amount available for declaration, the difference is available for a later declaration.

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