New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 1 Consolidation: amendments of various cost base provisions

Part 2 Consequential amendments relating to simplified imputation system

Income Tax Assessment Act 1997

4 Subsection 705-90(3)

Repeal the subsection, substitute:

Extent to which tax paid on undistributed profits

(3) Then work out how much of the undistributed profits does not exceed the amount worked out using the following formula as at the joining time:

Balance of franking account (worked out on assumptions in subsection (4)) * ((1 - corporate tax rate) / Corporate tax rate)

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