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ATO rules on when dividend distributions can be franked

Publication date: 11 Apr 12 | Source: KEEPING GOOD COMPANIES

Issue: Vol 64 No 3 Apr 2012

Pages: pp 176-180


The Corporations Amendment (Corporate Reporting Reform) Act 2010 (Reform Act), replaced the restriction that dividends must only be declared out of profits with a balance sheet test. It amended s254T of the Corporations Act 2001 to remove the requirement that a dividend must be declared only out of profits with effect from 28 June 2010.

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Author profile

Karen Payne CTA
Karen was appointed Inspector-General of Taxation & Taxation Ombudsman commencing on 6 May 2019. She leads the Taxation Ombudsman complaints management service for taxpayers and advisers and the Inspector-General of Taxation’s review and public reporting function, both of which are directed at improving the tax administration system for all taxpayers. Karen was previously a Member of the Board of Taxation as well as the inaugural Chief Executive Officer of the Board of Taxation. She was formerly a partner with MinterEllison, specialising in corporate and international tax for mergers and acquisitions, and capital raising for the financial services, mining, energy, and utilities sectors. She brings a wealth of experience and extensive networks to the role of Inspector-General having worked with a range of government and private stakeholders as well as the legal and tax profession, and many industry bodies. - Current at 23 February 2020
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