Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 4   Amendments relating to pooled development funds Interpretation

15   Extra amount to be included in assessable income where franked dividend paid

Section 160AQT of the Principal Act is amended by adding at the end the following subsection:

"(5) For the purposes of this section, if:

(a) because of subsection 124ZM(3), subsection 124ZM(2) does not exempt the franked amount of a dividend paid by a company to a shareholder; and

(b) the dividend is not otherwise exempt income of the shareholder;

the dividend is taken not to be exempt income of the shareholder.".