INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 14 - Transitional provisions for conversion to 34% rate on 1 July 2000  

SECTION 160ATG   DIVIDENDS PAID UNDER RESOLUTION MADE BEFORE 1 JULY 2000 BUT WITH A RECKONING DAY AFTER 1 JULY 2000  

160ATG(1)   [Application]  

This section deals with the situation in which:

(a) on or after 1 July 2000, a company pays a dividend or a number of dividends under a resolution made before 1 July 2000; and

(b) before 1 July 2000, the dividend or dividends are declared under section 160AQF to be:

(i) if the company is not a life assurance company - class C franked; or

(ii) if the company is a life assurance company - class C franked, class A franked or both class C franked and class A franked; and

(c) section 160ATF does not apply to the dividend or dividends.

160ATG(2)   [Variation or substitution of declaration]  

For the purposes of this Part:

(a) despite subsection 160AQF(2) , the company may:

(i) vary any declaration it made under section 160AQF or 160ASEL in relation to the dividend or dividends; or

(ii) revoke any declaration it made under section 160AQF or 160ASEL in relation to the dividend or dividends and make a fresh declaration under that section in relation to the dividend or dividends;

before the reckoning day for the dividend or dividends; and

(b) a declaration varied, or a fresh declaration made, under this section cannot itself be varied or revoked.