Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:10_8:p3
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 10 cl 8 (pt 3/3)
Character Range: 201630–202803

$15 under subsection (2). Because of subsection (1), X is not entitled to a tax offset under section 207‑45.

Part of share of distribution not assessable

 (5) If:
 (a) a *franked distribution *flows indirectly to an entity in an income year; and
 (b) a part of the entity's *share of the distribution (the relevant part) would, in its hands, be *exempt income or an amount that is neither assessable income nor exempt income (whether or not it had actually received that part);
then, subsection (2), (3) or (4) (as appropriate) applies to the entity on the basis that the amount of its *share of the *franking credit on the distribution is worked out as follows:

 (6) In addition, the following apply to an entity covered by subsection (5):
 (a) if the distribution would otherwise *flow indirectly through the entity—the entity's *share of the distribution for the purposes of this Act (other than subsection (2), (3) or (4)) is to be reduced by the relevant part mentioned in subsection (5);
 (b) if the entity would otherwise be entitled to a *tax offset under this Subdivision because of the distribution—the amount of the tax offset is to be worked out as follows: