INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision C - General provisions on franking debits  

SECTION 160APYB  

160APYB   REFUNDS IN RESPECT OF INITIAL PAYMENT OF TAX BY A COMPANY  
Where a company receives an amount as a refund under subsection 221AQ(3) , 221AR(6) , 221AU(4) , 221AV(4) , 221AW(5) or 221AX(14) , there arises, on the day on which the company receives the amount, whichever of the following is applicable:

(a) if the refund is in respect of the 1992-93 year of income or an earlier year of income - a class A franking debit of the company equal to the adjusted amount in relation to the amount received;

(b) if the refund is in respect of the 1993-94 year of income or a later year of income - a class B franking debit of the company equal to the adjusted amount in relation to the amount received.