Commonwealth Consolidated Acts Commonwealth Consolidated ActsAn entity satisfies the residency requirement for the purposes of determining whether, at the time a * franked distribution is made, the entity is an * exempt institution that is eligible for a refund if:
(a) the entity has a physical presence in Australia; and
(b) to that extent, incurs its expenditure and pursues its objectives principally in Australia;
at all times during the income year in which the distribution is made.