INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
[ CCH Note: The heading to Subdiv BA, and s 160APVAA, were inserted immediately before Subdiv C, as specified by No 89 of 2000, s 3 and Sch 3 item 63.]
(a) on a particular day a life assurance company pays a PAYG instalment in respect of a year of income; and
(b) the company's company tax in respect of the year of income has been assessed before that day; and
(c) section 160AQCNCG (transitional provision for early balancing life assurance company for 2000-01 year of income) does not apply to the amount paid or applied;
there arises on that day, a class C franking credit of the company equal to the adjusted amount in relation to the franking component of the amount paid or applied.160APVL(2) [``franking component'']
The franking component of the amount paid or applied is so much of the amount paid or applied as is attributable to shareholders' funds income for that year of income.