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

Part 13   DEFERRAL OF INITIAL PAYMENTS OF COMPANY TAX FOR 1993-94

Division 3   Deferred initial payments of tax for 1993-94 to be offset by prior payments of franking deficit tax

171   Eliminated or reduced initial payments of tax to be treated as fully paid for credit/refund purposes

 

(1) If, under the IP offset provision, no initial payment of tax is payable by a relevant entity, section 221AZF of the Assessment Act has, and is taken to have had, effect as if that initial payment of tax had been paid by the relevant entity on the day on which its paragraph 221AQ(1)(a) notice for the 1993-94 year of income was given to the Commissioner.
            

      

(2) If:
            

(a) an initial payment of tax payable by a relevant entity is reduced under the IP offset provision; and
            

(b) the relevant entity pays that reduced initial payment of tax;
            

section 221AZF of the Assessment Act has, and is taken to have had, effect as if the amount of that payment had been increased by the amount of the reduction.