Document ID: chunk:federal_register_of_legislation:C2010C00603:clause:1_21
Version: federal_register_of_legislation:C2010C00603
Segment Type: clause
Provision Reference: sch 1 cl 21
Character Range: 46187–46819

21  After subsection 705‑50(3)
Insert:

 (3A) A way in which the extent to which dividends were paid out of profits that were not subject to income tax may be worked out is by:
 (a) assuming that dividends were paid out of profits of income years in order from the most recent to the earliest; and
 (b) assuming that, for any income year for which dividends were paid out of profits in accordance with paragraph (a), they were, to the extent they were not *franked distributions, paid out of profits of that income year that were not subject to income tax before they were paid out of such profits that were subject to income tax.