New Business Tax System (Debt and Equity) Act 2001 (163 of 2001)

Schedule 1   Debt and equity interests

Part 2   Amendment of the Income Tax Assessment Act 1936

Income Tax Assessment Act 1936

62   Subsection 46(1) (definition of dividend )

Repeal the definition, substitute:

dividend :

(a) means a dividend paid by a company that is a resident but, except in paragraph (3)(a) or (b), does not include a dividend in relation to which section 46A applies; and

(b) does not include a dividend paid in respect of a non-equity share in the company.