Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1936
1 Subsection 46F(1) (definition of group company )
After "this Act", insert "as in force immediately before 1 July 2002".
2 Paragraph 46FA(1)(c)
After "but for", insert "subsection 46AB(1) or 46AC(2) or".
3 Subsection 46FA(5)
Repeal the subsection, substitute:
Unfranked amount of flow - on dividend unfrankable
(5) Part 3 - 6 of the Income Tax Assessment Act 1997 (the imputation system) applies to the unfranked amount of the flow - on dividend as if it were an unfrankable distribution within the meaning of section 202 - 45 of that Act if a deduction is allowed to the resident company in relation to the flow - on dividend.
4 Subsection 46FA(11) (definition of fully - franked dividend )
Repeal the definition, substitute:
"fully-franked dividend" means a dividend whose franking percentage (within the meaning of section 203 - 35 of the Income Tax Assessment Act 1997 ) is 100%.
5 Subsection 46FA(11) (definition of group company )
After "160AFE", insert "as in force immediately before 1 July 2002".
6 Subsection 46FA(11) (definition of unfranked amount )
Repeal the definition, substitute:
"unfranked amount" of a dividend (including an unfrankable distribution within the meaning of section 202 - 45 of the Income Tax Assessment Act 1997 ) means the amount of the dividend less the franked part.
7 Subsection 46FB(6) (definition of group company )
After "160AFE", insert "as in force immediately before 1 July 2002".
8 Subsection 46FB(6) (definition of unfranked amount )
Repeal the definition, substitute:
"unfranked amount" of a dividend (including an unfrankable distribution within the meaning of section 202 - 45 of the Income Tax Assessment Act 1997 ) means the amount of the dividend less the franked part.
9 Application
(1) Subject to subitem ( 2), the amendment made by item 2 of this Schedule applies to dividends paid after 30 June 2003.
(2) For a taxpayer to which section 46AC of the Income Tax Assessment Act 1936 applies, the amendment made by item 2 of this Schedule applies to dividends paid on or after the consolidation day referred to in that section.
(3) The amendments made by items 1, 3, 4, 5, 6, 7 and 8 of this Schedule apply to dividends paid on or after 1 July 2002.