Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p14
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 14/20)
Character Range: 3721467–3724330

of the Taxation Administration Act 1953.

214‑160  Refunds of amounts overpaid
  Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if references in that section to tax included references to *franking tax.

Subdivision 214‑E—Records

Guide to Subdivision 214‑E

214‑170  What this Subdivision is about
      Generally applicable provisions to do with record keeping apply for the purposes of the imputation system.

Table of sections

Operative provisions
214‑175 Record keeping

Operative provisions

214‑175  Record keeping
 (1) Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if:
 (a) the reference in that section to a person carrying on a business were a reference to a *corporate tax entity; and
 (b) the reference in paragraph (2)(a) of that section to the person's income and expenditure were a reference to:
 (i) the entity's *franking account balance; and
 (ii) the entity's liability to pay *franking tax; and
 (c) paragraph (5)(a) of that section were omitted.
 (2) A *PDF does not need to maintain records under section 262A of the Income Tax Assessment Act 1936 in relation to a *venture capital sub‑account if the *PDF does not elect to be a *participating PDF.

Division 215—Consequences of the debt/equity rules

Subdivision 215‑A—Application of the imputation system to non‑share equity interests

215‑1  Application of the imputation system to non‑share equity interests
 (1) The *imputation system applies to a *non‑share equity interest in the same way as it applies to a *membership interest.
 (2) The *imputation system applies to an equity holder in an entity who is not a member of the entity in the same way as it applies to a member of the entity.

Subdivision 215‑B—Non‑share dividends that are unfrankable to some extent

Guide to Subdivision 215‑B

215‑5  What this Subdivision is about
      While non‑share dividends are, as a general rule, frankable, all or part of some non‑share dividends are taken to be unfrankable by virtue of these rules.

Table of sections
215‑10 Certain non‑share dividends by ADIs unfrankable
215‑15 Non‑share dividends are unfrankable if profits are unavailable
215‑20 Working out the available frankable profits
215‑25 Anticipating available frankable profits

215‑10  Certain non‑share dividends by ADIs unfrankable
 (1) A *non‑share dividend paid by an ADI (an authorised deposit‑taking institution) for the purposes of the Banking Act 1959 is unfrankable if:
 (a) the ADI is an Australian resident; and
 (b) the non‑share dividend is paid in respect of a *non‑share equity interest that:
 (i) by itself; or
 (ii) in combination with one or more *schemes that are *related schemes to the scheme under which the interest arises;
  forms part of the ADI's Tier 1 capital either on a solo or consolidated basis (within