Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 202.47

  (1)   This section applies to an amount paid by a body corporate if:

  (a)   the body corporate is a non - operating holding company within the meaning of the Financial Sector (Transfer and Restructure) Act 1999 ; and

  (b)   a restructure instrument under Part   4A of that Act is in force in relation to the body; and

  (c)   because of the restructure to which the instrument relates, an * ADI becomes a subsidiary (within the meaning of that Act) of the body; and

  (d)   the amount is sourced, directly or indirectly, from the profits of the ADI before the restructure instrument came into force; and

  (e)   the amount would have been a * frankable distribution if it had been distributed by the ADI before the restructure instrument came into force.

  (2)   The amount:

  (a)   is taken to be a dividend paid by the body, for the purposes of this Act (and so is a * distribution by the body); and

  (b)   is not taken to be an * unfrankable distribution by the body just because of paragraph   202 - 45(e) (which makes distributions from * share capital accounts unfrankable).