INCOME TAX ASSESSMENT ACT 1936 - SECT 109NA Certain liquidator's distributions and loans not treated as dividends

INCOME TAX ASSESSMENT ACT 1936 - SECT 109NA

    A 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).