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

172   Franking credits and debits-effect of elimination or reduction of initial payment of tax

 

(1) If, under the IP offset provision, no initial payment of tax is payable by a company, then, sections 160APMA, 160APVBA, 160APVH, 160APYBA, 160APYC, 160AQCD and 160AQCN of the Assessment Act have, and are taken to have had, effect as if the company had, on the day on which its paragraph 221AQ(1)(a) notice for the 1993-94 year of income was given to the Commissioner, paid that initial payment of tax.
            

      

(2) If:
            

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

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

then, sections 160APMA, 160APVBA, 160APVH, 160APYBA, 160APYC, 160AQCD and 160AQCN of the Assessment Act have, and are taken to have had, effect as if the amount of that payment had been increased by the amount of the reduction.