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

92   Franking rebates for certain life assurance companies

Section 160AQZA of the Principal Act is amended:

(a) by inserting "class A" before "franking credit";
            

(b) by inserting "class A" before "potential rebate amount";
            

(c) by adding at the end the following subsection:
            

"(2) If, apart from subsection 160APQ(3), a class B franking credit of a taxpayer would have arisen under section 160APQ in respect of:

(a) a trust amount or partnership amount that is included in; or

(b) a partnership amount that is allowed as a deduction from;

the assessable income of the taxpayer of a year of income, the taxpayer is entitled to a rebate of tax in the taxpayer's assessment in respect of income of the year of income of an amount equal to the class B potential rebate amount in relation to the trust amount or partnership amount.".