45 days ruling, page-18

What you say Ocker is correct so far as it goes but as usual with tax law, the devil is in the detail.

My uderstanding of the situation is as follows:

1. If a person receives div and imp credits via a closely held trust a unit trust or a partnership they must hold the shares at risk for a period ending 45 days after the shares go ex dividend.

2. If a person receives div and imp credits via a discretionary trust they are not entitled to claim the imp credits unless the trust has declared to the tax office that such trust is a family trust. If the family trust election has not been made then recipients of imp credits are not "a quailified person", and therefore, cannot claim the credits at all.

3. if a person receives div and imp credits directly (no trusts involved) then they get the imp credits if they hold the shares at risk for 45 days (excluding the buy and sell days) - the ex dividend date is not relevant.