Abstract
In this article, the author considers how the recent decision of the High Court of Australia in Commissioner of Taxation v. Thomas found that the quantum of franking credits attached to franked distributions must be determined within the limits set by the taxation laws, rather than by trust law or the terms of a trust deed. The article also examines the 2011 amendments to the Income Tax Assessment Act 1997 and concludes that those amendments, together with the Thomas decision, have finally uncluttered Australia’s law on streaming credits attached to franked dividend distributions.
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