Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 207.119

    For the purposes of this Act:

  (a)   an entity must not be treated as an * exempt institution that is eligible for a refund in relation to a * franked distribution if section   207 - 120, 207 - 122 or 207 - 124 applies to the entity in relation to the distribution; and

  (b)   a beneficiary of a trust must not be treated as an exempt institution that is eligible for a refund in relation to a franked distribution made in an income year if section   207 - 126 applies to the beneficiary in relation to that income year.