INCOME TAX ASSESSMENT ACT 1997 - SECT 215.15 Non - share dividends are unfrankable if profits are unavailable
INCOME TAX ASSESSMENT ACT 1997 - SECT 215.15
Non - share dividends are unfrankable if profits are unavailable(a) a * corporate tax entity pays a * non - share dividend; and
(b) immediately before the payment, the amount of the * available frankable profits of the entity is nil, or less than nil;
the non - share dividend is unfrankable .
(a) a * corporate tax entity pays a * non - share dividend that is not one of a number of non - share dividends paid at the same time; and
(b) immediately before the payment, the amount of the * available frankable profits of the entity, although greater than nil, are less than the amount of the non - share dividend;
the entity is taken to have made a frankable distribution equal to the amount of the available frankable profits. The remainder of the dividend is taken to be an unfrankable distribution.
(a) a * corporate tax entity pays a * non - share dividend that is one of a number paid at the same time; and
(b) immediately before the payment, the amount of the * available frankable profits of the entity, although greater than nil are less than the sum of the amounts of the non - share dividends;
the entity is taken to have made a frankable distribution equal to the amount worked out using the formula:
The remainder of the dividend is taken to be an unfrankable distribution.