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

2   Subsection 215-25(2)

Repeal the subsection, substitute:

(2) The entity's adjusted available frankable profits immediately after a committed distribution is paid is the amount that would be its *available frankable profits at that time if all committed distributions to be paid after that time, and the *non-share dividend, were ignored.