Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 208.40

  (1)   A company is a prescribed person in relation to another * corporate tax entity if:

  (a)   the company is a foreign resident; or

  (b)   were the company to receive a * distribution made by the other corporate tax entity, the distribution would be * exempt income or * non - assessable non - exempt income of the company.

  (2)   A trustee is a prescribed person in relation to a * corporate tax entity if:

  (a)   all the beneficiaries in the trust are prescribed persons under other provisions of this section; or

  (b)   were the trustee to receive a * distribution made by the corporate tax entity, the distribution would be * exempt income or * non - assessable non - exempt income of the trust estate.

  (3)   A partnership is a prescribed person in relation to a * corporate tax entity if:

  (a)   all the partners are prescribed persons under other provisions of this section; or

  (b)   were the partnership to receive a * distribution made by the corporate tax entity, the distribution would be * exempt income or * non - assessable non - exempt income of the partnership.

  (4)   An individual (other than a trustee) is a prescribed person in relation to a * corporate tax entity if:

  (a)   he or she is a foreign resident; or

  (b)   were he or she to receive a * distribution made by the corporate tax entity, the distribution would be * exempt income or * non - assessable non - exempt income of the individual.

  (5)   The Commonwealth, each of the States, the Australian Capital Territory, the Northern Territory and Norfolk Island are prescribed persons in relation to any * corporate tax entity.

  (6)   An * exempt institution that is eligible for a refund cannot be a prescribed person in relation to a * corporate tax entity under this section.