Tax Law Improvement Act 1997 (121 of 1997)

Schedule 3   Exempt income

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

38   Subsection 46A(16)

Repeal the subsection, substitute:

(16) A shareholder in a company is not entitled to a rebate under this section in its assessment in respect of dividends paid to it by the company if the income of the company is exempt from tax under:

(a) Division 1AB of this Part; or

(b) item 1.1, 1.2, 1.3 or 1.4 of the table in section 50-5, section 50-15 or 50-25 or item 6.1 or 6.2 of the table in section 50-30 of the Income Tax Assessment Act 1997.