What is the amount of the loan under section 109UB and deemed dividend?
The Commissioner has a discretion to disregard a deemed dividend or allow it to be franked if that dividend arises because of an honest mistake or inadvertent omission. This discretion, although a June 2007 amendment, applies in relation to the 2001-02 and later income years for a decision to disregard a deemed dividend and from 1 July 2002 for a decision to allow a deemed dividend to be franked. .The Commissioner may make the decision subject to specified conditions. See questions 14 to 19.
