Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 .