Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:3_6
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 3 cl 6
Character Range: 23162–24801

6  At the end of section 160AQTB
Add:

Certain natural persons entitled to franking rebate in respect of exempted dividend

 (4) If:
 (a) a company other than a former exempting company became an exempting company; and
 (b) immediately before the company became an exempting company all the accountable shares and accountable interests in the company were beneficially owned (whether directly or indirectly) by natural persons who were residents; and
 (c) the company became an exempting company because some or all of the persons mentioned in paragraph (b) became non‑residents; and
 (d) the company becomes a former exempting company because all of the persons mentioned in paragraph (b) are or have become residents; and
 (e) an amount attributable to a class A exempted dividend or a class C exempted dividend paid by the company is included in the assessable income of such a person; and
 (f) all the accountable shares and accountable interests in the company were, throughout the period beginning when the company became an exempting company and ending when the amount was received by the person, beneficially owned (directly or indirectly) by persons mentioned in paragraph (b);
subsection 160AQT(1) or (1AB), or section 160AQX or 160AQZ, apply in relation to the person as if the amount were a class A franked dividend or a class C franked dividend, or a class A flow‑on franking amount or a class C flow‑on franking amount in relation to the relevant trust amount or partnership amount, and the class A exempted amount or class C exempted amount were a class A franked amount or a class C franked amount, as the case requires.