New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 (96 of 2004)

Schedule 2   Foreign branch income, non-portfolio dividends and listed countries

Part 3   Non-portfolio dividend exemption: consequential amendments

Income Tax Assessment Act 1936

25   Subsections 128TA(1) and (2)

Repeal the subsections, substitute:

Conditions for credit

(1) A foreign dividend account credit or FDA credit arises for a resident company if a dividend that is non-assessable non-exempt income under section 23AJ is paid to the company.

Amount of credit

(2) The amount of credit is so much of the dividend as is non-assessable non-exempt income under section 23AJ.