Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)

Schedule 5   Franking of dividends by exempting companies and former exempting companies

Income Tax Assessment Act 1936

80   Statements given by company to shareholders before 2 April 1998

A company is not liable to a penalty under section 160ARY merely because:

(a) the company gave to a shareholder before 2 April 1998 a dividend statement that complied with section 160AQH of theIncome Tax Assessment Act 1936 as in force at the time when the statement was given; or

(b) the company gave to a shareholder before that date a dividend statement that the Commissioner is satisfied reasonably complied with section 160AQH of theIncome Tax Assessment Act 1936 as amended by this Schedule.