Document ID: chunk:federal_register_of_legislation:C2025C00029:section:30:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 30 (pt 1/19)
Character Range: 1499338–1502051

30                      life insurance company's subsidiary joining consolidated group  the *tax offset available under subsection 713‑545(5)

Note 1: Subsection 61‑205(2) of this Act deals with tax offsets for trustees who are assessed and liable to pay tax under section 98 of the Income Tax Assessment Act 1936.
Note 2: For the tax offsets available under Division 207 and Subdivision 210‑H (franked distributions), see section 67‑25.
Note 3: For the tax offsets available under Division 355 (about R&D), see section 67‑30.

67‑25  Refundable tax offsets—franked distributions
 (1) *Tax offsets available under Division 207 (which sets out the effects of receiving a *franked distribution) or Subdivision 210‑H (which sets out the effects of receiving a *distribution *franked with a venture capital credit) are subject to the refundable tax offset rules, unless otherwise stated in this section.
 (1A) Where the trustee of a *non‑complying superannuation fund or a *non‑complying approved deposit fund is entitled to a *tax offset under Division 207 because a *franked distribution is made to, or *flows indirectly to, the trustee, the tax offset is not subject to the refundable tax offset rules.
 (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.
 (1C) Where a *corporate tax entity is entitled to a *tax offset under Division 207 because a *franked distribution is made to the entity, the tax offset is not subject to the refundable tax offset rules unless:
 (a) the entity is an *exempt institution that is eligible for a refund; or
 (b) the entity is a *life insurance company and the *membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period:
 (i) starting at the beginning of the income year of the company in which the distribution is made; and
 (ii) ending when the distribution is made.
 (1D) Where a *corporate tax entity is entitled to a *tax offset under Division 207 because a *franked distribution *flows indirectly to the entity, the tax offset is not subject to the refundable tax offset rules unless:
 (a) the entity is an *exempt institution that is eligible for a refund; or
 (b) the entity is a *life insurance company and the company's interest in the *membership interest on which the