INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision B - General provisions on franking credits  

SECTION 160APQA  

160APQA   PAYMENT OF EXCESS OFFSET  
If, on a particular day, a company makes a payment of an excess amount that:

(a) is covered by section 160AQR ; and

(b) relates to an offset to which the company is entitled;

there arises on that day whichever of the following is applicable:

(c) if the offset relates to company tax for the 1992-93 year of income or an earlier year of income - a class A franking credit of the company equal to the adjusted amount in relation to the amount of the payment;

(d) if the offset relates to company tax for the 1993-94 year of income or the 1994-95 year of income - a class B franking credit of the company equal to the adjusted amount in relation to the amount of the payment;

(e) if the offset relates to company tax for the 1995-96 year of income or a later year of income - a class C franking credit of the company equal to the adjusted amount in relation to the amount of the payment.