INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision CA - Franking debits of life assurance companies where relevant year of income is no later than 1999-2000  

SECTION 160AQCCB   LIFE ASSURANCE COMPANIES - DEBIT REVERSING SUBSECTION 160APVA(1) OR 160APVA(1A) CREDIT  

160AQCCB(1)   [Class B franking debit arises]  

If:

(a) on a particular day, a class B franking credit of a life assurance company arises under subsection 160APVA(1) in relation to a refund received by the company in respect of an instalment for a year of income (the ``current year of income'' ); and

(b) on or after that day, a notice of an original company tax assessment for the current year of income is served, or taken to be served, on the company;

then a class B franking debit of the company equal to the amount of the class B franking credit arises on the day on which the notice is served, or taken to be served.

160AQCCB(2)   [Class C franking debit arises]  

If:

(a) on a particular day, a class C franking credit of a life assurance company arises under subsection 160APVA(1A) in relation to a refund received by the company in respect of an instalment for a year of income (the current year of income ); and

(b) on or after that day, a notice of an original company tax assessment for the current year of income is served, or taken to be served, on the company;

then a class C franking debit of the company equal to the amount of the class C franking credit arises on the day on which the notice is served, or taken to be served.