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

Schedule 7   Franking of dividends and other distributions

Part 1   Income Tax Assessment Act 1936 (streaming of dividends or other benefits)

6   At the end of Subdivision C of Division 2 of Part IIIAA

Add:

160AQCNA Company that streams dividends or other benefits

(1) If:

(a) a company streams the payment of dividends, or the payment of dividends and the giving of other benefits, to its shareholders in a way mentioned in subsection 160AQCBA(2); and

(b) the Commissioner makes a determination under paragraph 160AQCBA(3)(a) in respect of a dividend paid or other benefit given by the company;

then, on the day on which notice of the determination is served in writing on the company, a franking debit of the company will arise in respect of the dividend or other benefit under paragraph 160AQCBA(8)(a).

(2) The amount of the franking debit is worked out as mentioned in paragraph 160AQCBA(8)(b).