Document ID: chunk:federal_register_of_legislation:C2016C00969:section:7:p5
Version: federal_register_of_legislation:C2016C00969
Segment Type: section
Provision Reference: s 7 (pt 5/7)
Character Range: 39084–41657

subsection (9), where a request made under subsection (1) in relation to a primary taxable amount (in this subsection referred to as the relevant taxable amount) is granted by the Commissioner, the following provisions have effect:
 (a) in relation to each person making the request who is entitled to make the request apart from subsection (3):
 (i) where the person is a prescribed person, then, for the purposes of the Assessment Act, but subject to section 128D of that Act and to the application of any relevant exempting provision:
 (A) an amount equal to the amount specified in the request under paragraph (4)(b) or sub‑subparagraph (4)(c)(i)(B), as the case may be, in relation to the person shall be included in the assessable income of the person of the year of income to which the relevant taxable amount relates; and
 (B) the amount shall be deemed to be included in that assessable income by virtue of subsection 97(1) of the Assessment Act and by reason that the person was presently entitled to a share of the primary trust income in relation to the relevant taxable amount; and
 (ii) where the person is a company not being a prescribed person—an elected taxable amount shall be taken to exist, in relation to the year of income in relation to which the relevant taxable amount exists, of an amount equal to the amount specified in the request under paragraph (4)(b) in relation to the person;
 (b) in relation to each person making the request by virtue of the application of subsection (3) in relation to a company:
 (i) a company taxable amount shall be taken to exist, in relation to the year of income in relation to which the relevant taxable amount exists, of an amount ascertained by dividing the amount specified in the request under subparagraph (4)(c)(ii) in relation to the person in relation to the company by 0.486; and
 (ii) for the purposes of the Assessment Act other than Division 7 of Part III and Division 4 of Part VI:
 (A) the company shall be deemed to have paid to the person, as a shareholder in the company, a dividend of an amount equal to the amount specified in the request under subparagraph (4)(c)(ii) in relation to the person in relation to the company;
 (B) the dividend shall be deemed to have been paid by the company, on the last day of the year of income to which the relevant taxable amount relates (whether or not the company existed at that time), out of profits derived by the company from sources in Australia; and
 (C) the dividend shall be deemed not to be a dividend to which subsection 44(2) of the Assessment