INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
The assessable income of a person shall not include -
(a) a dividend or a part of a dividend paid before 1 January 1965 to him by a company; or
(b) amounts in respect of a dividend or a part of a dividend paid before that date by a company to a company, trustee or partnership interposed between that person and the company paying the dividend,
being a dividend or a part of a dividend, as the case may be, which is paid out of one or more of the following amounts:
(c) an amount in respect of which, under section 21 of the previous Act or under Division 2 of Part III of that Act, the company paying the dividend has paid or is liable to pay tax;
(d) the undistributed amount of any year of income prior to the year of income that commenced on 1 July 1947; and
(e) the amount remaining after deducting from the undistributed amount of a year of income subsequent to the year of income that ended on 30 June 1947 and prior to the year of income that commenced on 1 July 1951 the aggregate of the amount of tax paid or payable under Division 7 of Part III of the Income Tax Assessment Act 1936-1947 , or of that Act as amended, and the amount of contribution paid or payable under the Social Services Contribution Assessment Act 1945-1946 , or under that Act as amended, in respect of that undistributed amount.
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