New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 (96 of 2004)
Schedule 2 Foreign branch income, non-portfolio dividends and listed countries
Part 3 Non-portfolio dividend exemption: consequential amendments
Income Tax Assessment Act 1936
25 Subsections 128TA(1) and (2)
Repeal the subsections, substitute:
Conditions for credit
(1) A foreign dividend account credit or FDA credit arises for a resident company if a dividend that is non-assessable non-exempt income under section 23AJ is paid to the company.
Amount of credit
(2) The amount of credit is so much of the dividend as is non-assessable non-exempt income under section 23AJ.
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