Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:10_23
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 10 cl 23
Character Range: 217375–217904

23  Subsection 67‑25(1B)
Repeal the subsection, substitute:

 (1B) If:
 (a) the trustee of a trust to whom a *franked distribution *flows indirectly under subsection 207‑50(4) is entitled to a *tax offset under Division 207 for an income year because of the distribution; and
 (b) the trustee is liable to be assessed under section 98 or 99A of the Income Tax Assessment Act 1936 on a share of, or all or a part of, the trust's *net income for that income year;
the tax offset is not subject to the refundable tax offset rules.