Taxation Laws Amendment Act (No. 3) 1993 (118 of 1993)

Part 4   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 9   Amendments relating to dividend imputation

Subdivision C   Application and transitional provisions

112   Transitional-estimated debit determinations etc.

 

(1) If:
            

(a) an application was made by a company under subsection 160AQD(1) of the Principal Act before the beginning of the company's 1994-95 franking year; and
            

(b) at the end of the company's 1993-94 franking year, the Commissioner had neither:
            

(i) served notice of an estimated debit determination on the company; nor
            

(ii) refused to make an estimated debit determination; then:
            

(c) the application has effect, after the beginning of the company's 1994-95 franking year, as if it were an application under subsection 160AQD(1) of the amended Act; and
            

(d) if the application was covered by paragraph 160AQD(1)(c) of the Principal Act-the application has effect as if it were an application for the determination of an estimated class A debit in relation to the liability reduction action or in relation to the payment of the initial payment of tax; and
            

(e) if the application was covered by paragraph 160AQD(1)(d) of the Principal Act-the application has effect as if:
            

(i) the earlier determination were an estimated class A debit determination;  and
            

(ii) the application were an application for the determination of an estimated class A debit in substitution for that earlier determination.
            

      

(2) If:
            

(a) before the beginning of a company's 1994-95 franking year, the Commissioner served notice of an estimated debit determination on the company; and
            

(b) the company makes an application under subsection 160AQD(1) of the amended Act for the determination of an estimated class A debit in substitution for the first-mentioned determination; Part IIIAA of the amended Act has effect, in relation to the application, as if the first-mentioned determination had been an estimated class A debit determination.
            

      

(3) If:
            

(a) before the beginning of a company's 1994-95 franking year, the Commissioner serves on the company a notice of an estimated debit determination; and
            

(b) the termination time in relation to the estimated debit occurs after the beginning of the company's 1994-95 franking year;
            

section 160APU of the amended Act has effect as if the estimated debit were an estimated class A debit.

      

(4) If:
            

(a) after the beginning of a company's 1994-95 franking year, the Commissioner serves on the company a notice of an estimated class A debit determination that is in substitution for an earlier determination; and
            

(b) the earlier determination was served on the company before the beginning of the company's 1994-95 franking year; and
            

(c) a franking debit of the company arose because of the earlier determination;
            

section 160APV of the amended Act has effect as if:

(d) a class A franking debit had arisen because of the earlier determination; and
            

(e) the amount of that class A franking debit were equal to the amount of the franking debit mentioned in paragraph (c).