Taxation Laws Amendment Act (No. 3) 1994 (138 of 1994)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 4   Amendments to provide an exemption from dividend withholding tax

46   Liability to withholding tax

Section 128B of the Principal Act is amended by inserting after paragraph (3)(ga) the following paragraph:

"(gaa) income that consists of so much of a dividend as:

(i) remains after deducting any amount that has been franked in accordance with section 160AQF; and

(ii) does not exceed the foreign dividend account declaration amount (if any) in respect of the dividend under section 128TC;".