Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_39
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 39
Character Range: 231772–232602

39  Subsection 46(10)
Repeal the subsection, substitute:

 (10) If:
 (a) a dividend is paid by the company to a shareholder that is a life assurance company; and
 (b) the assets of the life assurance company from which the dividend was derived were included in the insurance funds of the life assurance company at any time during the period that:
 (i) starts at the beginning of the year of income of the life assurance company in which the dividend was paid; and
 (ii) ends at the time when the dividend was paid;
the life assurance company is not entitled to a rebate under this section in its assessment in respect of the dividend unless at all times when those assets were included in the insurance funds of the life assurance company during that period they were held on behalf of the life assurance company's shareholders.