Taxation Laws Amendment Act (No. 4) 1995 (Repealed) (171 of 1995)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

152.   After section 160ARYB

Insert:

"160ARYC. Class C deficit deferral tax-penalty

A company is liable to pay, by way of penalty, additional tax equal to 30% of the class C deficit deferral tax that is payable by the company in relation to a refund if the class C deficit deferral amount that arises under subsection 160AQJC(2) in relation to the refund is greater than the amount worked out using the formula:

0.1 x Total of class C franking - The adjusted amount in

credits that arose in relation to refunds referred

the first franking year to in paragraph

160AQJC(1)(c)".