Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 2   AMENDMENTS RELATING TO POOLED DEVELOPMENT FUNDS

Part 2   INCOME TAX ASSESSMENT ACT 1936

9   After subsection 46(2)

Insert:

"(2A) Subject to this section, if:

(a) one or more PDF dividends were paid in a year of income to a shareholder; and

(b) the shareholder is a resident;

the shareholder is entitled to a rebate in its assessment in respect of income of the year of income. The amount of the rebate is obtained by applying the rate of tax payable by the shareholder in respect of the SME income component of its taxable income to the part of any PDF dividends that is included in its taxable income.".