INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a class A exempted dividend or a class C exempted dividend (the relevant dividend ) is paid by a former exempting company to a shareholder that is a trustee of a trust or is a partnership; and
(b) at the time when the relevant dividend was paid, a person who held an interest in the trust or partnership was a life assurance company, an exempting company, a former exempting company, or a person who acquired the interest under an eligible employee share scheme, being a company or person in respect of which or in respect of whom a franking credit, franking rebate or exempting credit would have arisen if the relevant dividend had been paid to the company or person; and
(c) an amount attributable to the relevant dividend:
(i) is included in the assessable income of the holder of the interest; or
(ii) would have been included in the assessable income of the holder of the interest if paragraphs 320-37(1)(a) and (d) of the Income Tax Assessment Act 1997 had not been enacted;
then, for the purposes of the application of this Part in relation to the holder of the interest:
(d) the part of the relevant dividend to which the amount referred to in paragraph (1)(c) is attributable is taken:
(i) to have been a class A exempted dividend or a class C exempted dividend, as the case may be, paid to the holder of the interest; and
(ii) to have been exempted to the same extent as the relevant dividend; and
(e) the holder of the interest is taken to have been the holder of the share in respect of which the relevant dividend was paid.
(a) the person is a beneficiary under the trust; or
(b) the person derives, or will derive, income indirectly, through interposed trusts or partnerships, from dividends received by the trustee. 160AQZC(3) Holding an interest in a partnership.
(a) the person is a partner in the partnership; or
(b) the person derives, or will derive, income indirectly, through interposed trusts or partnerships, from dividends received by the partnership. 160AQZC(4) Calculation of part of dividend to which amount received by holder of interest is attributable.
For the purposes of subsection (1), the part of the relevant dividend to which the amount referred to in paragraph (1)(c) is attributable is taken to be the amount worked out using the formula:
|Amount of dividend ×||
Share of income
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.