Income Tax Assessment Act 1936

S 46L repealed by No 79 of 2007 , s 3 and Sch 6 item 1, applicable in relation to distributions made on or after 1 July 2004. S 46L formerly read:

SECTION 46L APPORTIONMENT OF DEBITS FOR DIVIDENDS PAID ON THE SAME DAY  
46L(1) [ Dividend debited against disqualifying or notional disqualifying account]  

For the purposes of sections 46G to 46M , if:

(a) the company pays 2 or more dividends on the same day; and

(b) disregarding section 46M , one or more (each of which is an actually debited dividend ) of the dividends is debited wholly or partly against either or both of the following:

(i) one or more disqualifying accounts of the company;

(ii) one or more non-disqualifying accounts of the company, to the extent that the debiting causes a debit against the notional disqualifying account of the company in accordance with subsection 46I(5) ;

then, subject to subsection (3):

(c) each dividend paid by the company is taken to have been debited against the account or accounts mentioned in paragraph (b); and

(d) the amount of each debiting is worked out using the formula in subsection (2); and

(e) each actually debited dividend is (except in accordance with paragraph (c)) taken not to have been debited as mentioned in paragraph (b).

46L(2) [ Formula]  

For the purposes of subsection (1), the formula is:

Amount of           dividend       Sum of amounts of all dividends paid on the day

×

Sum of debits for   each actually debited dividend

46L(3) [ Dividend consisting of distribution of property]  

If:

(a) an actually debited dividend paid by the company on the day consists to any extent of a distribution of property other than money; and

(b) the debiting mentioned in paragraph (1)(b) in respect of that distribution of property is to any extent against an amount in one or more reserves or accounts that is attributable either directly, or indirectly as a result of transfers of amounts from other reserves or accounts, to profits arising from the revaluation of the property;

paragraph (1)(b) does not apply to the debiting to the extent that it is so attributable.

S 46L inserted by No 170 of 1995.