Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 202-47 Distributions of certain ADI profits following restructure 202-47(1)
This section applies to an amount paid by a body corporate if:
(a) the body corporate is a non-operating holding company within the meaning of the Financial Sector (Transfer and Restructure) Act 1999 ; and
(b) a restructure instrument under Part 4A of that Act is in force in relation to the body; and
(c) because of the restructure to which the instrument relates, an *ADI becomes a subsidiary (within the meaning of that Act) of the body; and
(d) the amount is sourced, directly or indirectly, from the profits of the ADI before the restructure instrument came into force; and
(e) the amount would have been a *frankable distribution if it had been distributed by the ADI before the restructure instrument came into force.
202-47(2)
The amount:
(a) is taken to be a dividend paid by the body, for the purposes of this Act (and so is a *distribution by the body); and
(b) is not taken to be an *unfrankable distribution by the body just because of paragraph 202-45(e) (which makes distributions from *share capital accounts unfrankable).
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