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 160AQCC   ON-MARKET SHARE BUY-BACK ARRANGEMENTS  

160AQCC(1)   [Class A franking debit]  

There arises on the day of an on-market purchase by a company of a share a class A franking debit of the company equal to the amount (if any) calculated under subsection (2).

160AQCC(2)   [Class A required franking amount]  

The amount is the amount that would be calculated under subsection 160AQDB(1) as the class A required franking amount for a dividend paid on that day to a shareholder in the company if that and any other on-market purchase by the company had been an off-market purchase.

160AQCC(3)   [Class B franking debit]  

There arises on the day of an on-market purchase by a company of a share a class B franking debit of the company equal to the amount calculated under subsection (4).

160AQCC(4)   [Class B required franking amount]  

The amount is the amount that would be calculated under subsection 160AQDB(2) or 160AQDB (3) as the class B required franking amount for a dividend paid on that day to a shareholder in the company if that and any other on-market purchase by the company had been an off-market purchase.

160AQCC(5)   [Class C franking debit]  

There arises on the day of an on-market purchase by a company of a share a class C franking debit of the company equal to the amount calculated under subsection (6).

160AQCC(6)   [Class C required franking amount]  

The amount is the amount that would be calculated under subsection 160AQDB(4) or 160AQDB (5) (whichever is applicable) as the class C required franking amount for a dividend paid on that day to a shareholder in the company if that and any other on-market purchase by the company had been an off-market purchase.