Taxation Laws Amendment Act (No. 4) 1995 (171 of 1995)

SCHEDULE 2   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936 RELATING TO DIVIDEND IMPUTATION

160.   Application

(1) The amendments made by item 15 apply to basic amounts that are attributable to payments of tax that become payable as a result of assessments issued after 7.30 p.m. by legal time in the Australian Capital Territory on 9 May 1995.

(2) The amendment made by item 126 applies in relation to:

(a) dividends paid to a shareholder in a company during the company's 1993-94 franking year or an earlier franking year as if subsections 160AQZA(2) and (3) of the Income Tax Assessment Act 1936 were omitted and all references to class A (wherever occurring) were omitted from subsection (1) of that section; and

(b) dividends paid to a shareholder in a company during the company's 1994-95 franking year as if subsection 160AQZA(3) of the Income Tax Assessment Act 1936 were omitted; and

(c) dividends paid to a shareholder in a company during the company's 1995-96 franking year or a later franking year.

(3) Subject to subitem (5), the amendments made by items 127 and 130 apply in relation to a trust amount or partnership amount received during the first franking year of the company that commences after 6 December 1990 and each later franking year.

(4) Subject to subitem (5), the amendments made by items 128 and 131 apply in relation to a trust amount or partnership amount received during the company's 1994-95 franking year and each later franking year.

(5) If in relation to a year of income which commenced after 6 December 1990:

(a) a company furnished a return of income, or applied to have an assessment amended, before 28 September 1995; and

(b) the return or application (as the case may be) includes a claim for a deduction under section 160AR in relation to a trust amount or partnership amount to which subsection 160APQ(3) applies;

then the amendments made by items 127, 128, 130 and 131 do not apply in relation to any trust amount or partnership amount received by the company before 28 September 1995 and to which subsection 160APQ(3) applies.