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OZ 12: Tax credits for non-resident investors
or “Rules for tax credits on dividends during a special period”
You could also call this:

“Adjusting how fully credited dividends are calculated during a specific period”

During a special time called the transitional period, this law applies to certain dividends. It’s about how much of the dividend is considered fully credited.

If the actual ratio of the dividend is more than 28/72 but not more than 30/70, the law changes how it’s treated. Instead of using the real ratio, the law says you should treat it as if the ratio is 28/72 for the part of the dividend that’s fully credited.

This change happens when you’re working out the available subscribed capital (ASC) amount. The ASC amount is explained in another part of the law called section CD 43(26).

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Next up: OZ 14: Dividends from qualifying companies

or “How to calculate exempt income for dividends from qualifying companies during the transitional period”
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Part O Memorandum accounts
Terminating provisions

OZ 13Fully credited dividends: modifying actual ratio

  1. This section applies in the transitional period to a dividend for which, in the absence of this section, the actual ratio under section CD 43(26) (Available subscribed capital (ASC) amount) is greater than 28/72 and less than or equal to 30/70.

  2. In the calculation under section CD 43(26), the part of the dividend that is fully credited, the actual ratio is treated as 28/72.

Notes
  • Section OZ 13: added, on , by section 520 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
  • Section OZ 13(1): amended, on , by section 20(1)(a) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
  • Section OZ 13(1): amended, on , by section 20(1)(b) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
  • Section OZ 13(2): amended, on , by section 20(2) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
  • Section OZ 13 compare note: repealed (with effect on 1 April 2008), on , by section 119 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).