New Business Tax System (Debt and Equity) Act 2001 (163 of 2001)

Schedule 1   Debt and equity interests

Part 1   Amendment of the Income Tax Assessment Act 1997

Income Tax Assessment Act 1997

4   After section 26-25

Insert:

26-26 Non-share distributions and dividends

(1) A company cannot deduct under this Act:

(a) a*non-share distribution; or

(b) a return that has accrued on a *non-share equity interest.

(2) A company cannot deduct a *dividend paid on an *equity interest in the company as a *general deduction under this Act.