Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision sets out, as a general rule, the tax effect of receiving a * franked distribution.
(2) This Subdivision does not apply to:
(a) a partnership or trustee to whom a * franked distribution is made (except a partnership or trustee that is a * corporate tax entity, or a trustee of a trust that is a * complying superannuation entity, when the distribution is made); or
(b) an entity to whom a franked distribution * flows indirectly.
Note: Subject to the other provisions in this Division, Subdivision 207 - B applies to an entity excluded from the application of this Subdivision because of this subsection.
(3) This Subdivision applies subject to Subdivisions 207 - C, 207 - D, 207 - E and 207 - F.
Note 1: Subdivision 207 - C sets out the residency requirements that must be satisfied by an individual or a corporate tax entity that receives a franked distribution.
Note 2: Subdivision 207 - D sets out the cases in which the gross - up and tax offset rules in this Subdivision and Subdivision 207 - B will not apply because the franked distribution (or a share of it) would not have been taxed in any case.
Note 3: Subdivision 207 - E sets out the exceptions to the rules in Subdivision 207 - D.
Note 4: Subdivision 207 - F sets out the cases in which the gross - up and tax offset rules in this Subdivision and Subdivision 207 - B will not apply because the imputation system has been manipulated in a way that is not permitted under the income tax law.