INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
The retention allowance of a private company in respect of its distributable income of a year of income preceding the year of income commencing on 1 July 1986 is the aggregate of -
(a) 80% of the reduced distributable income; and
(b) 10% of so much of any income of the company (other than dividends received from other private companies) derived from property as is included in the distributable income.
The retention allowance of a private company in respect of its distributable income of the year of income commencing on 1 July 1986 or of a subsequent year of income is the distributable income reduced by the amount of phasing-out dividends included in that distributable income.
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