New Business Tax System (Thin Capitalisation) Act 2001 (162 of 2001)
Schedule 2 Dictionary amendments
Income Tax Assessment Act 1997
1 Section 960-100
Repeal the link note, substitute:
Subdivision 960-F - Distribution by corporate tax entities
Table of sections
960-115 Meaning of corporate tax entity
960-120 Meaning of distribution
960-115 Meaning of corporate tax entity
An entity is a corporate tax entity at a particular time if:
(a) the entity is a company at that time; or
(b) the entity is a *corporate limited partnership in relation to the income year in which that time occurs; or
(c) the entity is a *corporate unit trust in relation to the income year in which that time occurs; or
(d) the entity is a *public trading trust in relation to the income year in which that time occurs.
960-120 Meaning of distribution
(1) What constitutes a distribution by various *corporate tax entities is set out in the following table:
|
Distribution |
||
|---|---|---|
|
Item |
Corporate tax entity |
Distribution |
|
1 |
company |
a dividend, or something that is taken to be a dividend, under this Act |
|
2 |
*corporate limited partnership |
(a) a distribution made by the partnership, whether in money or in other property, to a partner in the partnership, other than a distribution, or so much of a distribution, as is attributable to profits or gains arising during a year of income in relation to which the partnership was not a corporate limited partnership (b) something that is taken to be a dividend by the partnership under this Act |
|
3 |
*corporate unit trust |
a unit trust dividend, as defined in subsection 102D(1) of the Income Tax Assessment Act 1936 |
|
4 |
*public trading trust |
a unit trust dividend, as defined in section 102M of the Income Tax Assessment Act 1936 |
(2) A *corporate tax entity makes a distribution in the form of a dividend on the day on which the dividend is paid, or taken to have been paid.