The Issues Log

Issue: HA 11(5)(b), OB 3(3A)(b)

Submission Number	89
Submitter	Deloitte
Section / Provision Income Tax Act 2007	HA 11(5)(b)
Section / Provision Income Tax Act 2004	OB 3(3A)(b)
Date Received	15/10/08
Description of issue	Section HA 11(5)(b) of the Income Tax Act 2007 does not seem to require that the dividends be vested or distributed as beneficiary income after a company attained qualifying company status, as was previously required under section OB 3(3A)(b) of the Income Tax Act 2004.
Section / Provision Income Tax Act 1994	OB 3(3A)(b)
Status	Finalised
Outcome	The Panel has concluded there is no unintended legislative change in respect of section HA 11(5) of the Income Tax Act 2007. Refer to Policy Advice Division to consider legislative clarification prospectively.