Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4
Character Range: 3634387–3636318

4                                                                                             a *distribution *franked with an exempting credit *flows indirectly to the entity (the ultimate recipient); and                                                                                                                                                           an amount equal to the franking credit that would have arisen for the ultimate recipient if:                                         on the day on which the distribution is made
                                                                                              the recipient of the distribution is an *eligible continuing substantial member in relation to the distribution; and                                                                                                                                                      (a) the ultimate recipient had been an eligible continuing substantial member in relation to the distribution; and
                                                                                              except for the fact that the ultimate recipient is not an eligible continuing substantial member in relation to the distribution, it would have been entitled to a *franking credit because of the distribution had the distribution been made to the ultimate recipient  (b) the distribution had been made to the ultimate recipient; and
                                                                                                                                                                                                                                                                                                                                                                        (c) the distribution had been franked with a franking credit equal to the ultimate recipient's *share of the actual franking credit