New Business Tax System (Debt and Equity) Act 2001 (163 of 2001)

Schedule 1   Debt and equity interests

Part 2   Amendment of the Income Tax Assessment Act 1936

Income Tax Assessment Act 1936

93   Before Division 1 of Part IIIAA

Insert:

Division 1AAA - Application of Part to non-share dividends

160AOA Application of Part to non-share dividends

(1) This Part:

(a) applies to a non-share equity interest in the same way as it applies to a share; and

(b) applies to an equity holder who is not a shareholder in the same way as it applies to a shareholder; and

(c) applies to a non-share dividend in the same way as it applies to a dividend.

(2) Subsection (1) does not apply to paragraphs (aaa) and (da) of the definition of frankable dividend in section 160APA.

(3) Subsection (1) has effect subject to the special provision made for non-share equity interests, equity holders who are not shareholders and non-share dividends in:

(a) paragraphs (ga) and (gb) of the definition of frankable dividend in section 160APA; and

(b) section 160APAAAA; and

(c) section 160APAAAB; and

(d) subsection 160AQCBA(3A), (3B) and (3C).