INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 1A - Circumstances in which a taxpayer can qualify for a franking credit, a franking rebate or the intercorporate dividend rebate  

Subdivision B - Qualification for franking benefits and intercorporate dividend rebate  

SECTION 160APHQ  

160APHQ   PERSONS QUALIFIED BY HOLDING SHARES OR INTERESTS IN SHARES WHERE THE SHARES WERE ISSUED IN CONNECTION WITH A WINDING UP  
A taxpayer who has held shares, or an interest in shares, in a company on which a dividend is paid is a qualified person in relation to the dividend if:

(a) the shares were issued in connection with a proposed winding up of the company; and

(b) the shares or interest was not disposed of by the taxpayer before the commencement of the winding up; and

(c) neither the taxpayer nor an associate of the taxpayer has made, is under an obligation to make, or is likely to make, a related payment in respect of the dividend.