Taxation Laws Amendment Act (No. 8) 2003 (107 of 2003)

Schedule 1   Franking of non-share dividends

Part 2   Amendment of the Income Tax Assessment Act 1936

5   Subsection 160APAAAB(6)

Omit all the words after paragraph (d), substitute:

; and (e) it is reasonable to expect that, having regard to the profits mentioned in paragraph (d), the amount of the company's adjusted available frankable profits (see subsection (12A)) immediately after each of the committed share dividends is paid will be greater than nil.

The available frankable profits immediately before the company pays the non-share dividend is then the smallest of the amounts of the adjusted available frankable profits mentioned in paragraph (e).