Taxation Laws Amendment Act (No. 3) 1998 (47 of 1998)

Schedule 7   Franking of dividends and other distributions

Part 2   Income Tax Assessment Act 1936 (schemes to provide franking credit benefits)

26   Application

(1) The amendments made by items 11, 12 and 15 take effect immediately after the commencement of Part 1.

(2) Subject to subitem (3), the amendments made by this Part apply to dividends paid or distributions made after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997 (including dividends paid, or distributions made, pursuant to a scheme entered into before that time).

(3) However, the amendments made by this Part do not apply to:

(a) dividends paid by a listed public company after the time referred to in subitem (2) if the dividends were declared before that time; or

(b) any distributions made after that time that related to:

(i) dividends paid by a listed public company; or

(ii) dividends declared by a listed public company before that time.

(4) In subitem (3):

listed public company has the same meaning as in the Income Tax Assessment Act 1997.