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INCOME TAX ASSESSMENT ACT 1936 - SECT 109L Certain payments and loans not treated as dividends

INCOME TAX ASSESSMENT ACT 1936 - SECT 109L

Certain payments and loans not treated as dividends

  (1)   A private company is not taken under section   109C or 109D to pay a dividend because of a payment or loan the private company makes to an entity, to the extent that the payment or loan would be included in the entity's assessable income apart from this Division   (as it operates in conjunction with section   44).

  (2)   In addition, a private company is not taken under section   109C or 109D to pay a dividend because of a payment or loan that the private company made to an entity to the extent that a provision of this Act (other than this Division) has the effect that the payment or loan is not included in the entity's assessable income even though it would otherwise be included.

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