Taxation Laws Amendment Act 1994 (56 of 1994)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 6   Penalties for over-franking dividends

49   Application of amendments

The amendment made by subsection 48(1), (2) or (3) applies in relation to a franking year of a company if, and only if:

(a) all of the following are the case:
        

(i) 14 December 1993 fell during that franking year;
        

(ii) the franked amount, class A franked amount, or class B franked amount, as the case requires, of a dividend paid, during that franking year, to a shareholder in the company exceeded the required franking amount, class A required franking amount, or class B required franking amount, as the case may be, for that dividend;
        

(iii) the declaration under section 160AQF of the Principal Act that relates to the dividend mentioned in subparagraph (ii) of this paragraph was made after 14 December 1993; or
        

(b) that franking year began after 14 December 1993.