Taxation Laws Amendment Act (No. 8) 2003 (107 of 2003)

Schedule 1   Franking of non-share dividends

Part 1   Amendment of the Income Tax Assessment Act 1997

1   Subsection 215-25(1)

Omit all the words after paragraph (d), substitute:

; and (e) it is reasonable to expect that, having regard to the available profits mentioned in paragraph (d), the amount of the entity's *adjusted available frankable profits immediately after each of the committed distributions is paid will be greater than nil.

The available frankable profits immediately before the entity pays the non-share dividend is then the smallest of the amounts of the adjusted available frankable profits mentioned in paragraph (e).