Taxation (International Investment and Remedial Matters) Act 2012

9 Dividend derived from foreign company
  • (1) In section CW 9(2)(a), the words before the subparagraphs are replaced by a direct income interest that meets the requirements of neither section EX 34 (CFC rules exemption) nor section EX 35 (Exemption for interest in FIF resident in Australia) and is excluded from being an attributing interest by—.

    (2) Section CW 9(3) is replaced by the following:

    Non-application to certain dividends
    • (3) This section does not apply to a dividend—

      • (a) derived by a portfolio investment entity:

      • (b) excluded by section CD 36(2) (Foreign investment fund income) from the effect of section CD 36(1).

    (3) In section CW 9, in the list of defined terms,—

    • (a) multi-rate PIE and portfolio tax rate entity are omitted:

    • (b) portfolio investment entity is inserted.

    (4) Subsections (1) and (2) apply for income years beginning on or after 1 July 2011.