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The Issues Log

Issue: GB 1(3), YA 1, OB 1

Submission Number	88
Submitter	Russell McVeagh
Section / Provision Income Tax Act 2007	GB 1(3), YA 1 (definition of “dividend”)
Section / Provision Income Tax Act 2004	GB 1(3), OB 1 (definition of “dividend”)
Date Received	18/09/08
Description of issue	This submission address what we consider is an unintended change in section GB 1(3), and the definition of “dividend” in section YA 1, of the Income Tax Act 2007 (“2007 Act”). This has arisen from the rewrite of section GB 1(3), and the definition of “dividend” in section OB 1, of the Income Tax Act 2004 (“2004 Act”)
Section / Provision Income Tax Act 1994
Status	Finalised
Outcome	The Panel considered an unintended legislative change arises and we now advise that legislative amendment has been included in the Taxation (Consequential Rate Alignment and Remedial Matters) Bill 2009.

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