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

Schedule 7   Franking of dividends and other distributions

Part 1   Income Tax Assessment Act 1936 (streaming of dividends or other benefits)

3   Section 160APE

Repeal the section, substitute:

160APE What constitutes a class of shares

(1) A share in a company is taken for the purposes of this Part to be in the same class as another share in the company if the shares have the same, or substantially the same, rights.

(2) The shares of all the partners in a partnership that is a corporate limited partnership for the purposes of Division 5A of Part III are taken to constitute the same class of shares.