INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 1AA - Interpretative provisions relating to exempting companies and former exempting companies  

SECTION 160APHBF   PRESCRIBED PERSONS  

160APHBF(1)   [Companies]  

A company is a prescribed person in relation to another company if:

(a) the first company is a non-resident; or

(b) were the first company to receive a dividend paid by the other company, the dividend would be exempt income of the company for the purposes of this Part.

160APHBF(2)   [Trustees]  

A trustee is a prescribed person in relation to a company if:

(a) all the beneficiaries in the trust are prescribed persons under other provisions of this section; or

(b) were the trustee to receive a dividend paid by the company, the dividend would be exempt income of the trust estate for the purposes of this Part.

160APHBF(3)   [Partnerships]  

A partnership is a prescribed person in relation to a company if:

(a) all the partners are prescribed persons under other provisions of this section; or

(b) were the partnership to receive a dividend paid by the company, the dividend would be exempt income of the partnership for the purposes of this Part.

160APHBF(4)   [Individual (not trustee)]  

An individual (other than a trustee) is a prescribed person in relation to a company if:

(a) he or she is a non-resident; or

(b) were he or she to receive a dividend paid by the company, the dividend would be exempt income of the individual for the purposes of this Part.

160APHBF(5)   [Commonwealth, States, Territories etc]  

The Commonwealth, each of the States, the Australian Capital Territory, the Northern Territory and Norfolk Island are prescribed persons in relation to any company.

160APHBF(6)   [Exempt institutions]  

An exempt institution whose exempt status is disregarded under subsection 160ARDAB(1) cannot be a prescribed person in relation to a company under this section.