Taxation Laws Amendment Act (No. 1) 2004 (101 of 2004)

Schedule 11   Technical amendments

Part 1   Amendments commencing on 16 July 1999

Income Tax Assessment Act 1936

1   After section 160AQCND

Insert:

160AQCNDA Carry forward of exempting surplus

(1) If a former exempting company has a class A exempting surplus at the end of a franking year, there arises at the beginning of the next franking year a class A exempting credit of the company equal to that class A exempting surplus.

(2) If a former exempting company has a class C exempting surplus at the end of a franking year, there arises at the beginning of the next franking year a class C exempting credit of the company equal to that class C exempting surplus.