Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_76
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 76
Character Range: 278322–279101

76  Subsection 160AQCNF(8)
Repeal the subsection, substitute:

 (8) No franking credit arises under subsection (1) or (2) in relation to an exempted dividend if:
 (a) the exempted dividend is paid to:
 (i) a former exempting company; or
 (ii) an exempting company;
  that is a life assurance company; and
 (b) the assets of the company from which the dividend was derived were included in the insurance funds of the company at any time during the period that:
 (i) starts at the beginning of the year of income of the company in which the dividend was paid; and
 (ii) ends at the time when the dividend was paid;
unless at all times when those assets were included in the insurance funds of the company during that period they were held on behalf of the company's shareholders.