Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3
Character Range: 3632707–3634387

3                                                                                             the entity receives a *distribution *franked with an exempting credit; and                                                                                                                                                                                                an amount worked out under subsection 208‑170(1)                                                                                     on the day on which the distribution is made
                                                                                              the entity is an *exempting entity at the time the distribution is made; and
                                                                                              the entity satisfies the *residency requirement for the income year in which the distribution is made and at the time the distribution is made; and
                                                                                              some part of the distribution is neither *exempt income nor *non‑assessable non‑exempt income of the entity; and
                                                                                              the entity is an *eligible continuing substantial member in relation to the distribution; and
                                                                                              the Commissioner has made a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 that no franking credit benefit (within the meaning of that section) is to arise in respect of a specified part of the distribution