Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)
Schedule 5 Franking of dividends by exempting companies and former exempting companies
Income Tax Assessment Act 1936
73 Subsection 221YHZC(1B)
Repeal the subsection, substitute:
(1B) Subsection (1A) does not apply in relation to income paid in respect of a share investment if the income is paid as a dividend that has been franked in accordance with section 160AQF or 160AQFA and:
(a) the franking percentage (within the meaning of section 160APA), if any, in relation to the dividend is 100%; and
(b) if the dividend is an exempted dividend - the sum of the exempted amount and the franked amount (if any) is equal to the amount of the dividend.
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