Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 3   Simplified Imputation System

Part 3   Application provisions

114   Modified application of section 377 in 2002-03 and 2003-04

Section 377 of the Income Tax Assessment Act 1936, as it applies in relation to dividends paid in the period starting on 1 July 2002 and ending on 30 June 2004, has effect as if paragraph 377(1)(e) were replaced by the following paragraph:

(e) so much of a frankable distribution, paid to the company in the qualifying period, as is either the franked part of the distribution, or the part of the distribution that has been franked with an exempting credit;