Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1987No. 62, 1987 - SECT 29

29. Section 105B of the Principal Act is amended:
(a) by inserting "preceding the year of income commencing on 1 July 1986"
after "a year of income"; and

   (b)  by adding at the end the following subsection:

"(2) The retention allowance of a private company in respect of its
distributable income of the year of income commencing on 1 July 1986 or of a
subsequent year of income is the distributable income reduced by the amount of
phasing-out dividends included in that distributable income.".