Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 3   Simplified Imputation System

Part 2   Miscellaneous consequential and technical amendments

Income Tax Assessment Act 1936

66   Subparagraph 57-120(4)(c)(i) in Schedule 2D

Repeal the subparagraph, substitute:

(i) there was a franking surplus of the subsidiary that was less than the total of the pre-transition time components of all of the debits; or