Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 26 - Some amounts you cannot deduct, or cannot deduct in full  

Operative provisions  

SECTION 26-26   Non-share distributions and dividends  

26-26(1)    
A company cannot deduct under this Act:

(a) a ^* non-share distribution; or

(b) a return that has accrued on a ^* non-share equity interest.

26-26(2)    
A company cannot deduct a ^* dividend paid on an ^* equity interest in the company as a ^* general deduction under this Act.