Document ID: chunk:federal_register_of_legislation:C2004A00975:clause:1_3
Version: federal_register_of_legislation:C2004A00975
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 86517–88144

3                                                                                                                    paragraph (1)(c) applies

 (2) Use the following table to work out an entity's share of the *franking credit on a *franked distribution that *flows indirectly to the entity if:
 (a) the distribution *flows indirectly to a *partnership of which the entity is a *partner; or
 (b) the distribution flows indirectly to the trustee of a trust of which the entity is a beneficiary and a share of the *net income of the trust is included in the entity's assessable income under section 97, 98A or 100 of the Income Tax Assessment Act 1936; or
 (c) the distribution flows indirectly to the entity as trustee of a trust and the entity is liable to be assessed under section 98, 99 or 99A of the Income Tax Assessment Act 1936 in respect of the net income, or part of the net income, of the trust.
Before working out the entity's share of the franking credit, first work out the partnership's or trust's share of the franking credit, by applying this section to each entity to which the distribution flows indirectly on its way to the partnership or trust, starting with the entity whose share is worked out under subsection (1) and following the flow of the distribution from that entity to the partnership or trust.

The entity's share of franking credit (distribution flows indirectly to a partnership or trust of which the entity is a member)
Item                                                                                                                             If:                       Use this formula: