New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 (96 of 2004)

Schedule 2   Foreign branch income, non-portfolio dividends and listed countries

Part 3   Non-portfolio dividend exemption: consequential amendments

Income Tax Assessment Act 1936

18   Paragraph 47A(7)(b)

Repeal the paragraph, substitute:

(b) the purpose, or one of the purposes, of the making of the loan was to facilitate, directly or indirectly (through one or more interposed companies, partnerships or trusts), the payment of a dividend that is, or would be, non-assessable non-exempt income under section 23AJ (in whole or in part); or