Have a look at the ato web site which explains it all.
http://law.ato.gov.au/atolaw/browse.htm?toc=05:EXT:2001:New%20Business%20Tax%20System%20(Debt%20and%20Equity)%20Act%202001:Explanatory%20Memorandum%20-%20REPS
Regards,
kim
I don't know why the http thingo isn't working but if you...