Document ID: chunk:federal_register_of_legislation:C2004A00975:clause:1_3:p7
Version: federal_register_of_legislation:C2004A00975
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 7/11)
Character Range: 103971–106809

name is specified in a table in a section in Subdivision 30‑B; and
 (b) it has an ABN; and
 (c) it satisfies the residency requirement.

Income tax exempt relief funds

 (5) An entity is an exempt institution that is eligible for a refund if:
 (a) a declaration by the Treasurer is in force in relation to the institution under subsection 30‑85(2); and
 (b) the regulations do not provide that the entity is not an exempt institution that is eligible for a refund.

Prescribed income tax exempt entities

 (6) An entity is an exempt institution that is eligible for a refund if the entity is prescribed as an exempt institution that is eligible for a refund by the regulations.

207‑135  Residency requirement

  An entity satisfies the residency requirement for the purposes of determining whether, at the time a *franked distribution is made, the entity is an *exempt institution that is eligible for a refund if:
 (a) the entity has a physical presence in Australia; and
 (b) to that extent, incurs its expenditure and pursues its objectives principally in Australia;
at all times during the income year in which the distribution is made.

Subdivision 207‑F—No gross‑up or tax offset where the imputation system has been manipulated

Guide to Subdivision 207‑F

207‑140  What this Subdivision is about

      Where an entity has manipulated the imputation system in a manner that is not permitted under the income tax law:
         • no additional amount is included in the entity's assessable income as a result of the relevant franked distribution; and
         • any tax offset to which the entity would otherwise be entitled as a result of the distribution is denied.

Table of sections

Operative provisions

207‑145 Gross‑up and tax offset under section 207‑20 is denied where there is manipulation of the imputation system
207‑150 Gross‑up and tax offset under section 207‑50 is denied where there is manipulation of the imputation system
207‑155 When is a distribution made as part of a dividend stripping operation?
207‑160 Interest payments—distributions that flow indirectly to a beneficiary of a trust
207‑165 Interest payments—distributions that flow indirectly to the trustee of a trust
207‑170 Interest payments—distributions that flow indirectly to a partner in a partnership

[This is the end of the Guide.]

Operative provisions

207‑145  Gross‑up and tax offset under section 207‑20 are denied where there is manipulation of the imputation system

 (1) Where an entity makes a *franked distribution to another entity in one or more of the following circumstances:
 (a) the receiving entity is not a qualified person in relation to the distribution for the purposes of Division 1A of Part IIIAA of the Income Tax Assessment Act 1936;
 (b) the Commissioner has made a determination under paragraph 204‑30(3)(b)