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 incomeThe 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.