INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 2 - Income  

Subdivision D - Dividends  

SECTION 46AC   DIFFERENT APPLICATION FOR MEMBERS OF CERTAIN GROUPS  

46AC(1)   [Consolidated groups]  

This section applies to a taxpayer if:

(a) the taxpayer becomes a member of a consolidated group or MEC group on the day (the consolidation day ) the group comes into existence; and

(b) the consolidation day either is before 1 July 2003 or is both:

(i) the first day of the first year of income starting after 30 June 2003 of the group's head company (for a consolidated group) or provisional head company (for a MEC group) on the consolidation day; and

(ii) before 1 July 2004; and

(c) the taxpayer was not a member of a consolidated group or MEC group before the consolidation day.

46AC(2)   [Application]  

Sections 46 and 46A do not apply to the unfranked part of a dividend paid to the taxpayer on or after the consolidation day.

46AC(3)   [Interpretation]  

In this section:

consolidated group
has the same meaning as in the Income Tax Assessment Act 1997 .

head company
has the same meaning as in the Income Tax Assessment Act 1997 .

MEC group
has the same meaning as in the Income Tax Assessment Act 1997 .

provisional head company
has the same meaning as in the Income Tax Assessment Act 1997 .