INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 5 - Franking of dividends  

Subdivision A - Franking  

SECTION 160AQH   COMPANY TO GIVE DIVIDEND STATEMENT TO SHAREHOLDERS  

160AQH(1)   [Form of statement]  

A company that is a resident at the time of payment of a frankable dividend to a shareholder in the company shall, before or at the time of payment of the dividend, give to the shareholder a statement in the approved form setting out:

(a) if the company is not a former exempting company and the dividend is not a franked dividend - a declaration to that effect; and

(aa) if the company is a former exempting company and the dividend is neither a franked dividend nor an exempted dividend - a declaration to that effect; and

(b) if the dividend is a franked dividend:

(i) the class A franked amount of the dividend (if any), the class B franked amount of the dividend (if any), the class C franked amount of the dividend (if any) and, if the company is a PDF, the venture capital franked amount of the dividend (if any); and

(ii) (Repealed by No 93 of 1999)

(iii) if the dividend is a class A franked dividend - the amount worked out in relation to the dividend using the formula in subsection 160AQT(1) (whether or not that subsection applies to the dividend); and

(iv) if the dividend is a class B franked dividend - the amount worked out in relation to the dividend using the formula in subsection 160AQT(1AA) (whether or not that subsection applies to the dividend); and

(iva) if the dividend is a class C franked dividend - the amount worked out in relation to the dividend using the formula in subsection 160AQT(1AB) (whether or not that subsection applies to the dividend) and a statement to the effect that the applicable general company tax rate used in that formula was 30%; and

(v) the sum of the amounts mentioned in subparagraphs (iii), (iv) and (iva); and

(vi) any amount deducted from the dividend under section 221YL or withheld from the dividend under Subdivision 12-F in Schedule 1 to the Taxation Administration Act 1953 ; and

(vii) if the dividend is a venture capital franked dividend - a statement to the effect that the venture capital franking is only relevant for a taxpayer who is:

(A) the trustee of a fund that is a complying superannuation fund for the purposes of Part IX in relation to the year of income; or

(B) the trustee of a fund that is a complying ADF for the purposes of Part IX in relation to the year of income; or

(C) the trustee of a unit trust that is a pooled superannuation trust for the purposes of Part IX in relation to the year of income; or

(D) a life assurance company; or

(E) a registered organisation; and

(c) if the dividend is an exempted dividend - the exempted amount of the dividend; and

(d) if the company is not a former exempting company and the dividend is a franked dividend - the amount of the dividend that is not a franked amount; and

(e) if the company is a former exempting company and the dividend is a franked dividend or an exempted dividend or both - the amount of the dividend that is neither a franked amount nor an exempted amount; and

(f) in any case - such other information in relation to the dividend as is required by the approved form to be set out.

160AQH(2)   [Exempting company]  

An exempting company that pays a dividend to a shareholder in the company must, before or at the time of payment of the dividend, give to the shareholder a statement to the effect that Australian resident shareholders are not entitled to a franking rebate or franking credit in respect of the dividend except for certain companies and employees who receive the dividend in connection with an eligible employee share scheme.