Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 (101 of 2006)
Schedule 2 Consequential amendments relating to Schedule 1 repeals etc.
Part 1 Amendments: general
Income Tax Assessment Act 1936
471 Subparagraph 401(3)(d)(ii)
Repeal the subparagraph, substitute:
(ii) if subparagraph (i) does not apply - only a proportion of each surplus (after any application of paragraph (b)) is to be taken into account under paragraph (1)(c), being the proportion calculated using the formula:
Amount of capital proceeds / Total grossed-up surplus
total grossed-up surplus means the sum of the grossed-up amounts of the attribution surpluses (after any application of paragraph (b)).