Taxation Laws Amendment Act (No. 4) 1995 (Repealed) (171 of 1995)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

150.   Subsection 160ARXA(1)

Insert the following definitions:

"class C deficit deferral tax shortfall, in relation to a company and a refund, means any amount by which the company's class C statement deficit deferral tax for that refund at the time at which it was lowest is less than the company's class C proper deficit deferral tax for that refund.

class C franking tax shortfall, in relation to a company and a franking year, means the amount (if any) by which the company's class C statement franking tax for that year at the time at which it was lowest is less than the company's class C proper franking tax for that year.

class C proper deficit deferral tax, in relation to a company and a

refund, means the class C deficit deferral tax properly payable by the company in relation to the refund.

class C proper franking tax, in relation to a company and a franking year, means the class C franking deficit tax properly payable by the company in respect of that year.

class C statement deficit deferral tax, in relation to a company, a refund and a time, means the class C deficit deferral tax that would have been payable by the company in relation to the refund if the tax were assessed at that time taking into account taxation statements by the company.

class C statement franking tax, in relation to a company, a franking year and a time, means the class C franking deficit tax that would have been payable by the company in respect of that year if the tax were assessed at that time taking into account taxation statements by the company.".