2009 amendment allows the removal of the deemed credits that arise when a company attributes income.
Section GB 27 of the Income Tax Act 2007
Previous amendments allowed for certain non-qualifying companies to distribute their income using the qualifying company regime fully imputed or exempt rules. Section GB 27 has been amended to allow for the removal of the deemed credits that arise when a company attributes income to allow the qualifying company mechanism to work as intended.
The amendment applies from the 2008-09 income year.