Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 2   Consolidation etc.

Part 9   International tax

Division 2   Foreign dividend accounts

New Business Tax System (Consolidation and Other Measures) Act 2003

51   At the end of item 12 of Schedule 9

Add:

(5) The amendments of the Income Tax Assessment Act 1936 made by this Schedule apply to a dividend or a non-share dividend that:

(a) is paid by a company (the paying company ) after 30 June 2002; and

(b) is paid to a company that:

(i) is related (within the meaning of subsection 51AE(16) of that Act) to the paying company; and

(ii) is a member of a consolidated group or MEC group.

(6) A term used in paragraph (5)(a) or (b) and defined in the Income Tax Assessment Act 1997 has the same meaning in that paragraph as it has in that Act.

(7) To avoid doubt, the amendments of the Income Tax Assessment Act 1936 made by this Schedule apply to a dividend or a non-share dividend if they apply to it under subitem (5), even if they would not apply to it under subitem (1) or (3).