Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_61
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 61
Character Range: 240467–241226

61  Subsection 160APPA(9)
Repeal the subsection, substitute:

 (9) If:
 (a) the second company 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;
no franking credit arises under subsection (1) or (2) in relation to 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.