Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 802.50

  (1)   The entity's conduit foreign income is reduced if:

  (a)   the entity (the receiving entity ) receives from another * Australian corporate tax entity a * frankable distribution that has an * unfranked part; and

  (b)   the * distribution statement for the * distribution declares an amount (the declared amount ) of the unfranked part to be conduit foreign income; and

  (c)   some or all of the declared amount is not * non - assessable non - exempt income under section   802 - 20.

  (2)   The amount of the reduction is the amount that is not * non - assessable non - exempt income under section   802 - 20 less any expenses reasonably related to that amount.