Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:5_1:p2
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 5 cl 1 (pt 2/2)
Character Range: 60330–60843

the following is exempt income of the taxpayer:
 (a) if paragraph (1B)(e) applies—the franked amount;
 (b) if paragraph (1B)(f) applies—so much of the trust amount or partnership amount as would constitute the flow‑on franking amount.

 (3) Paragraphs (1C)(b) and (1D)(b) and subsection (2) do not exempt, and are taken never to have exempted, an amount if the taxpayer's return of income of the year of income is prepared on the basis that the amount is included in the taxpayer's assessable income of that year.