On 14 August 2008, the government released a discussion document, which broaches (i) limited streaming of imputation credits to shareholders that can use them to reduce their income tax liabilities, and (ii) allowing refunds of imputation credits to charities and other tax-exempt bodies.
The government is seeking public submissions on whether the current imputation credit anti-streaming rules in the Income Tax Act 2007 inhibit valid commercial transactions, and whether strea…