Where a public trading trust has chosen to form a tax consolidated group under Subdivision 713-C of the Income Tax Assessment Act 1997 (Cth) with the trust as head company, s 23AJ of the Income Tax Assessment Act 1936 (Cth) applies to non-portfolio dividends received by the trust from foreign companies, rendering them non-assessable, non-exempt income. The trust does not receive such dividends 'in the capacity of a trustee' within the meaning of s 23AJ(a). The Commissioner's public ruling TD 2008/25, which states that s 23AJ applies to dividends paid to a trust that is part of a consolidated group, applies to a trust that is the head company of the group, not merely a subsidiary member.
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