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 B   Amendments of the Principal Act

89   Franking rebate in trustee's assessment

Section 160AQY of the Principal Act is amended:

(a) by omitting paragraph (b) and substituting the following paragraph:
            

"(b) there is either or both of the following:

(i) a class A flow-on franking amount in relation to the trust amount;

(ii) a class B flow-on franking amount in relation to the trust amount;";

(b) by omitting all the words after "equal to" and substituting the following words and paragraphs:
            

"whichever of the following is applicable:

(c) if only subparagraph (b)(i) applies-the class A potential rebate amount in relation to the trust amount;

(d) if only subparagraph (b)(ii) applies-the class B potential rebate amount in relation to the trust amount;

(e) if both subparagraphs (b)(i) and (ii) apply-the sum of:

(i) the class A potential rebate amount in relation to the trust amount; and

(ii) the class B potential rebate amount in relation to the trust amount.".