Income Tax Assessment Act 1997

Div 375 repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010.

Subdiv 375-H repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010.

Subdiv 375-H inserted by No 108 of 1998.

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S 375-872 repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010. S 375-872 formerly read:

SECTION 375-872 Distribution of FLIC concessional capital is instead taken to be a dividend  
375-872(1)
For the purposes of this Act, an amount that a ^* FLIC pays to you by way of distribution of ^* FLIC concessional capital, on a liquidation or a share buy back or other return of capital, is instead taken to be a dividend that the FLIC pays to you out of profits the FLIC *derived from sources in Australia.

Dividend cannot exceed amount of deductions

375-872(2)
Subsection (1) does not apply to the extent that the total of the payments the ^* FLIC makes by way of such distribution of ^* FLIC concessional capital in respect of particular ^* shares exceeds the total of the deductions under section 375-855 for the shares (whether it was you or a previous owner of the shares who got the deductions).

FLIC must comply with Corporations Act rules about dividends

375-872(3)
Subsection (1) applies only if the requirements of the Corporations Act 2001 (except section 254T) relating to declaring and paying a ^* dividend are satisfied (as well as any requirements relating to the distribution).

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History

S 375-872(3) amended by No 55 of 2001.

Paragraph 202-45(e) does not apply

375-872(4)
Paragraph 202-45(e) does not apply to a payment that is taken to be a dividend under this section.

Note:

Paragraph 202-45(e) provides that a distribution that is sourced, directly or indirectly, from a company ' s share capital account is unfrankable.

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History

S 375-872(4) substituted by No 79 of 2007 , s 3 and Sch 6 item 5, applicable in relation to distributions made on or after 1 July 2004. S 375-872(4) formerly read:

Inter-corporate rebate not denied by sections 46G to 46M

375-872(4)
Sections 46G to 46M of the Income Tax Assessment Act 1936 do not apply to a payment that is taken to be a dividend under this section.

Note:

Those sections might otherwise reduce or deny a rebate under section 46 or 46A of that Act in some cases.

S 375-872 inserted by No 66 of 2000.