Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If, under section 220 - 400 or 220 - 405, a * corporate tax entity's * tax offset (the reduced tax offset ) for the * franked distribution described in that section is less than it would be apart from that section, the * franking credit arising in that entity's * franking account because of the * distribution is equal to the reduced tax offset.
(2) The following provisions have effect subject to this section:
(a) items 3 and 4 of the table in section 205 - 15;
(b) items 5 and 6 of the table in section 219 - 15.
Note: Each of those items gives rise to a franking credit for a franked distribution if the recipient is entitled under Division 207 to a tax offset for the distribution. Those items provide that the amount of the credit equals the amount of that offset.