Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 109RC

Dividend may be franked if taken to be paid because of family law obligation

  (1)   This section applies if a dividend is taken to be paid under this Division   because of a family law obligation.

  (2)   Subparagraph   202 - 45(g)(i) of the Income Tax Assessment Act 1997 does not make the amount of the dividend unfrankable.

  (3)   The dividend can be franked in accordance with Part   3 - 6 of the Income Tax Assessment Act 1997 only if:

  (a)   the dividend is franked at the private company's benchmark franking percentage for the franking period in which the dividend is taken to be paid; or

  (b)   if the private company does not have a benchmark franking percentage for the period--the dividend is franked at a franking percentage of 100%.

  (4)   For the purposes of subsection   (3), if the recipient of the dividend is not a member of the private company for the purposes of Part   3 - 6 of the Income Tax Assessment Act 1997 , treat that recipient as such a member.


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