INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 15 - Transitional provisions for conversion to 30% rate on 1 July 2001  

SECTION 160AUF   DIVIDENDS PAID UNDER RESOLUTION MADE BEFORE 1 JULY 2001 BUT WITH A RECKONING DAY AFTER 1 JULY 2001  

160AUF(1)   [Application of section]  

This section deals with the situation in which:

(a) on or after 1 July 2001, a company pays a class C franked dividend or a number of class C franked dividends under a resolution made before 1 July 2001; and

(b) section 160AUE does not apply to the dividend or dividends.

160AUF(2)   [Company may vary or revoke declaration]  

For the purposes of this Part:

(a) despite subsection 160AQF(2) , the company may:

(i) vary any declaration it made under section 160AQF or 160ASEL in relation to the dividend or dividends; or

(ii) revoke any declaration it made under section 160AQF or 160ASEL in relation to the dividend or dividends and make a fresh declaration under that section in relation to the dividend or dividends;

before the reckoning day for the dividend or dividends; and

(b) a declaration varied, or a fresh declaration made, under this section cannot itself be varied or revoked.