INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteIn this Division, unless the contrary intention appears -
"dividend"
includes a part of a dividend;
"interest"
means any amount that is, or is deemed to consist of, interest for the purposes of Division
11A
of Part
III
.
(Omitted by No 80 of 1975)
221YK(2) [Distributions by liquidator]
A reference in this Division to a company shall, in relation to distributions by a liquidator of the company or by any other person that, by virtue of section 47 , are deemed to be dividends paid by the company, be read as including a reference to the liquidator or that other person.
For the purposes of this Division:
(a) interest or a royalty shall be deemed to have been paid by a person to another person although it is not actually paid over to the other person but is reinvested, accumulated, capitalized, carried to any reserve, sinking fund or insurance fund however designated, or otherwise dealt with on behalf of the other person or as the other person directs; and
(b) interest or a royalty shall be deemed to be payable by a person to another person although it is not actually to be paid over to the other person but is to be reinvested, accumulated, capitalized, carried to any reserve, sinking fund or insurance fund however designated, or is otherwise to be dealt with on behalf of the other person or as the other person directs.
For the purposes of this Division the trustee of a provident, benefit, superannuation or retirement fund is a non-resident at a particular time if, and only if, the fund is a non-resident superannuation fund at that time.
If, apart from this subsection, there is, in relation to a fund, no person who is a trustee of the fund for the purposes of this Division, the person, or each of the persons, who manages the fund is taken, for the purposes of this Division, to be the trustee, or a trustee, as the case requires, of the fund.
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