Tax Laws Amendment (2006 Measures No. 3) Act 2006 (80 of 2006)
Schedule 4 Simplified imputation system (share capital tainting rules)
Part 2 Consequential amendments relating to rewritten share capital tainting rules
Division 1 Amendments
Income Tax Assessment Act 1997
5 Section 205-30 (after table item 7)
Insert:
|
7A |
a *franking debit arises under subsection 197-45(1) because an amount to which Division 197 applies is transferred to a company's *share capital account |
the amount of the debit specified in subsection 197-45(2) |
at the time provided by subsection 197-45(1) |
|
7B |
a *franking debit arises under subsection 197-65(2) because a company chooses to untaint its *share capital account |
the amount of the debit specified in subsection 197-65(3) |
at the time provided by subsection 197-65(2) |