Income Tax Assessment Act 1936

S 46G repealed by No 79 of 2007 , s 3 and Sch 6 item 1, applicable in relation to distributions made on or after 1 July 2004. S 46G formerly read:

SECTION 46G REBATE NOT ALLOWABLE FOR DIVIDENDS DEBITED AGAINST CERTAIN ACCOUNTS  
46G(1) [Rebate not allowable]  

If:

(a) a company pays a dividend in respect of which a rebate under section 46 or 46A is allowable; and

(b) the dividend is debited wholly or partly against either or both of the following:

(i) one or more disqualifying accounts (see subsection 46H(1) ) of the company;

(ii) one or more non-disqualifying accounts (see subsection 46H(3) ) of the company, to the extent that the debiting causes a debit against the notional disqualifying account (see section 46I) of the company in accordance with subsection 46I(5) ;

the rebate is, subject to subsection (2), not allowable to the extent of the debit.

46G(2) [Dividend consisting of distribution of property]  

If:

(a) the dividend consists to any extent of a distribution of property other than money; and

(b) the debiting in respect of that distribution of property is to any extent against an amount in one or more reserves or accounts that is attributable either directly, or indirectly as a result of transfers of amounts from other reserves or accounts, to profits arising from the revaluation of the property;

subsection (1) does not apply to the debiting to the extent that it is so attributable.

S 46G inserted by No 170 of 1995.