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

Schedule 1   Debt and equity interests

Part 2   Amendment of the Income Tax Assessment Act 1936

Income Tax Assessment Act 1936

56   After section 43A

Insert:

43B Application of Subdivision to non-share dividends

(1) This Subdivision:

(a) applies to a non-share equity interest in the same way as it applies to a share; and

(b) applies to an equity holder in the same way as it applies to a shareholder; and

(c) applies to a non-share dividend in the same way as it applies to a dividend.

(2) Subsection (1) does not apply to section 47A.

(3) Paragraph (1)(c) does not apply to subsection 44(1).

(4) Subsection (1) has effect subject to the special provision that is made for non-share dividends in subsection 44(1).