Section OZ 9 — Income Tax Act 2007: Benchmark dividends: ratio change

OZ 9 Benchmark dividends: ratio change When this section applies (1) This section applies when— (a) a company pays a dividend in the transitional period; and (b) the dividend is a later dividend for the purposes of sections OB 61(4) and OC 28(4) (which relate to the benchmark dividend rules), as applicable; and (c) the relevant benchmark dividend— (i) was 1 to which section OZ 8 applied; or (ii) has a ratio of 30/70, for a reason other than the application of section OZ 8 . When ratio treated as same as ratio for benchmark dividend (2) If, in the cases set out in subsection (3), the imputation ratio or FDP ratio of the later dividend is less than that of the relevant benchmark dividend, the ratio is treated as the same as that of the relevant benchmark dividend. Cases (3) The cases referred to in subsection (2) are the following: (a) in the case of a benchmark dividend described in subsection (1)(c)(i), section OZ 8 does not apply to the later dividend through the lack of a relevant credit balance described in section OZ 8(1)(b): (b) in the case of a benchmark dividend described in subsection (1)(c)(ii), the later dividend has a ratio of 28/72. Defined in this Act: benchmark dividend , company , dividend , FDP ratio , imputation ratio , transitional period Section OZ 9: added, on 1 April 2008, by section 520 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section OZ 9(1)(c)(ii): amended, on 1 October 2010, by section 16(1) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section OZ 9(3)(b): amended, on 1 October 2010, by section 16(2) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section OZ 9 compare note: repealed (with effect on 1 April 2008), on 21 December 2010, by section 119 of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130).