Section 218 — Income Tax Assessment Act 1997 (Cth)

(1) The *imputation system applies to a *co‑operative company in the same way as it applies to any other company but with the modifications set out in this section.

(2) Each reference to a *distribution is taken to include a reference to an amount distributed as mentioned in paragraph 120(1)(a) or (b) of the Income Tax Assessment Act 1936.

(3) Despite subsection 202‑75(1) (about giving distribution statements), a *co‑operative company does not have to give the recipient of a *frankable distribution a *distribution statement unless the *franking percentage for the distribution is greater than zero.

Related sections

• s 214 — ‑1  Purpose of the system
• s 215 — ‑1  Application of the imputation system to non‑share equity interests
• s 216 — ‑1  When a distribution made to a member of a corporate tax entity is treated as having been made to someone else
• s 219 — ‑1  What this Division is about
• s 220 — ‑1  What this Division is about
• s 230 — ‑1  What this Division is about

Research how courts apply s 218

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