New Business Tax System (Thin Capitalisation) Act 2001 (162 of 2001)

Schedule 2 Dictionary amendments

Income Tax Assessment Act 1997

1 Section 960-100

Repeal the link note, substitute:

Subdivision 960-F - Distribution by corporate tax entities

Table of sections

960-115 Meaning of corporate tax entity

960-120 Meaning of distribution

960-115 Meaning of corporate tax entity

An entity is a corporate tax entity at a particular time if:

(a) the entity is a company at that time; or

(b) the entity is a *corporate limited partnership in relation to the income year in which that time occurs; or

(d) the entity is a *public trading trust in relation to the income year in which that time occurs.

960-120 Meaning of distribution

(1) What constitutes a distribution by various *corporate tax entities is set out in the following table:

Distribution
Item	Corporate tax entity	Distribution
1	company	a dividend, or something that is taken to be a dividend, under this Act
2	*corporate limited partnership	(a) a distribution made by the partnership, whether in money or in other property, to a partner in the partnership, other than a distribution, or so much of a distribution, as is attributable to profits or gains arising during a year of income in relation to which the partnership was not a corporate limited partnership (b) something that is taken to be a dividend by the partnership under this Act
3	*corporate unit trust	a unit trust dividend, as defined in subsection 102D(1) of the Income Tax Assessment Act 1936
4	*public trading trust	a unit trust dividend, as defined in section 102M of the Income Tax Assessment Act 1936

(2) A *corporate tax entity makes a distribution in the form of a dividend on the day on which the dividend is paid, or taken to have been paid.

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