Taxation Laws Amendment Act (No. 4) 1995 (Repealed) (171 of 1995)

SCHEDULE 2   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936 RELATING TO DIVIDEND IMPUTATION

143.   Subparagraphs 160ARN(10)(b)(i) and (ii)

Omit the subparagraphs, substitute:

"(i) reducing a class A franking surplus, a class B franking surplus or a class C franking surplus (including a reduction resulting in a nil class A franking account balance, a nil class B franking account balance or a nil class C franking account balance);

(ii) increasing a class A franking deficit, a class B franking deficit or a class C franking deficit (including an increase from a nil class A franking account balance, a nil class B franking account balance or a nil class C franking account balance) and the franking deficit tax payable in respect of the franking deficit; and".