Taxation Laws Amendment Act (No. 3) 1998 (47 of 1998)

Schedule 7   Franking of dividends and other distributions

Part 2   Income Tax Assessment Act 1936 (schemes to provide franking credit benefits)

15   After section 160AQCNA

Add:

160AQCNB Company that is a party to a scheme to enable franking credit benefits to be obtained

(1) If:

(a) a company is a party to a scheme to which section 177EA applies; and

(b) the Commissioner makes a determination under paragraph 177EA(5)(a) in respect of a dividend paid by the company under the scheme;

a franking debit of the company will arise under paragraph 177EA(10)(a).

(2) The amount of the franking debit is worked out under paragraph 177EA(10)(b).