Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 976.10

The part of a distribution that is franked with an exempting credit

    The part of a distribution that is franked with an exempting credit is worked out using the formula:

Start formula *Exempting credit on the distribution times Applicable gross-up rate end formula

where:

"applicable gross-up rate" means the * corporate tax gross - up rate of the entity making the distribution for the income year in which the distribution is made.


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