58. Certain dividends not to form part of the assessable income of the receiving company

Where a dividend is paid by any resident company to any resident or non-resident company and either—

a deduction has been made under section 61 in respect of that dividend by the first-mentioned resident company ; or

that dividend is exempt from income tax under section 11 ; or

such dividend consists of any part of the amount of a dividend received by the first-mentioned resident company from another resident company ; or

such dividend is a dividend declared by a quoted public company , such dividend shall, notwithstanding anything to the contrary in any other provision of this Act, be deemed not to form part of the assessable income of the second-mentioned company.