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Dividends and franking credits. Discussion of anti-avoidance rules and the corporations law simplification changes

Published on 21 May 99 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

Since 1987, the legislation dealing with the imputation system has become exceedingly complex with the introduction of many new measures which seek to minimise the ability of taxpayers to use franking credits to secure a tax advantage. In particular, a number of measures were announced in the May 1997 Budget to prevent the streaming of franking credits to particular shareholders. In addition to this, the Government has embarked upon a program of simplifying the Corporations Law and as a result amendments are proposed to the income tax laws to protect the potential loss of revenue which the Government believes could arise through the exploitation of new Corporation Law provisions

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