Taxation Laws Amendment Act (No. 3) 2002 (97 of 2002)

Schedule 3   Inter-corporate dividend rebate

Income Tax Assessment Act 1936

1   Subsection 46F(3)

Repeal the subsection, substitute:

(3) Subsection (2) does not apply if:

(a) the shareholder is a group company in relation to the company paying the dividend in relation to the year of income in which the dividend is paid; or

(b) were the tests in section 160AFE for working out relationships between companies to apply to a particular time rather than in relation to a year of income - the shareholder would have been a group company in relation to the company paying the dividend at all times during the period of 12 months ending on the day on which the dividend was paid.