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

Schedule 9   Consolidation: foreign dividend accounts

Part 2   Related amendments

Income Tax Assessment Act 1936

12   Application of amendments

 

(1) The amendments of the Income Tax Assessment Act 1936 made by this Schedule apply in relation to a dividend or non-share dividend paid after 30 June 2003 by a company, except a company to which subitem (2) applies.

      

(2) This subitem and subitem (3) apply to a company if:

(a) the company becomes a member of a consolidated group or MEC group on the day (the consolidation day ) the group comes into existence; and

(b) the consolidation day either is before 1 July 2003 or is both:

(i) the first day of the first income year starting after 30 June 2003 of the group's head company (for a consolidated group) or provisional head company (for a MEC group) on the consolidation day; and

(ii) before 1 July 2004; and

(c) the company was not a member of a consolidated group or MEC group before the consolidation day.

      

(3) The amendments of the Income Tax Assessment Act 1936 made by this Schedule apply in relation to a dividend or non-share dividend paid by a company on or after the consolidation day.

      

(4) A term used in subitem (2) and defined in the Income Tax Assessment Act 1997 has the same meaning in that subitem as it has in that Act.