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) a class C franking debit of a life assurance company arises under subsection 160AQCNCE(1) because a company becomes entitled to a PAYG instalment variation credit in respect of a year of income; and
(b) the company's company tax in respect of the year of income is assessed on a day (the assessment day ) that occurs on or after the day on which the class C franking debit arises;
there arises on the assessment day, a class C franking credit of the company equal to the amount of the class C franking debit.