Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 23AJ

                   A non‑portfolio dividend (as defined in section 317) paid to a company is not assessable income, and is not exempt income, of the company if:

                     (a)  the company is an Australian resident and does not receive the dividend in the capacity of a trustee; and

                     (b)  the company that paid the dividend is not a Part X Australian resident (as defined in that section).