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

53   At the end of section 160AQF

Add:

(3) If:

(a) an exempting company makes a declaration under subparagraph 160AQF(1)(c)(i), paragraph 160AQF(1)(d), subparagraph 160AQF(1AAA)(c)(i) or paragraph 160AQF(1AAA)(d) in relation to a dividend or dividends; and

(b) the company becomes a former exempting company before the reckoning day for the dividend or for at least one of the dividends;

subsection (2) does not prevent the company from varying or revoking the declaration.