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)

9   Application

(1) Subject to subitem (3), the amendments made by items 1, 2 and 4 to 8 apply to dividends paid or other benefits given after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997 (including dividends paid, or other benefits given, pursuant to a dividend streaming arrangement entered into before that time).

(2) Subject to subitem (3), the amendment made by item 3 applies to franking years beginning after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997.

(3) However, the amendments made by this Part do not apply to:

(a) dividends paid by a listed public company after the time referred to in subitem (1) if the dividends were declared before that time; or

(b) any other benefits given after that time that related to such dividends.

(4) In subitem (3):

listed public company has the same meaning as in the Income Tax Assessment Act 1997.