Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 3   DIVIDEND IMPUTATION

22   Object

The object of this Part is:

(a) to amend the provisions of Part IIIAA (the dividend imputation provisions) of the Income Tax Assessment Act 1936 to take account of the revised company tax instalment system; and

(b) to ensure, through the introduction of deficit deferral tax, that the amended provisions can not be used to defer franking deficit tax; and

(c) to make a transitional amendment that is consequential upon the change in the general company tax rate from 39% to 33%.