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INCOME TAX ASSESSMENT ACT 1936 - SECT 109XB Amounts included in assessable income

INCOME TAX ASSESSMENT ACT 1936 - SECT 109XB

Amounts included in assessable income

  (1)   An amount is included, as if it were a dividend paid by the company at the end of the year of income of the company in which the actual transaction took place, in the assessable income of the shareholder or associate referred to in subsection   109XA(1), (2) or (3) if:

  (a)   had the actual transaction been done by a private company (the notional company ); and

  (b)   had the shareholder or associate been a shareholder of the notional company at the time the actual transaction took place;

an amount (the Division   7A amount ) would have been included in the shareholder's or associate's assessable income because of a provision of this Division   outside this Subdivision.

  (2)   Subject to section   109Y, the amount that is included under subsection   (1) is the Division   7A amount.

Note:   There are some modifications of this Division   for the purposes of working out the Division   7A amount: see section   109XC.

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