Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)

Schedule 5   Franking of dividends by exempting companies and former exempting companies

Income Tax Assessment Act 1936

24   Section 160APA

Insert:

class C exempting account balance , in relation to a former exempting company, means:

(a) if the company has a class C exempting surplus - the amount of the surplus; or

(b) if the company has a class C exempting deficit - the amount of the deficit; or

(c) otherwise - nil.