Commonwealth Consolidated Acts Commonwealth Consolidated ActsA private company is not taken under section 109C or subsection 109D(1) to pay a dividend because of a distribution or loan made in the course of the winding - up of the company by a liquidator.
Note: However, if such a loan is not fully repaid by the end of the following year of income, the company will be taken to have paid a dividend under subsection 109D(1A).