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 160AQCNA   COMPANY THAT STREAMS DIVIDENDS OR OTHER BENEFITS  

160AQCNA(1)   [When franking debit or exempting debit arises]  

If:

(a) a company streams the payment of dividends, or the payment of dividends and the giving of other benefits, to its shareholders in a way mentioned in subsection 160AQCBA(2) ; and

(b) the Commissioner makes a determination under paragraph 160AQCBA(3)(a) in respect of a dividend paid or other benefit given by the company;

then, on the day on which notice of the determination is served in writing on the company, a franking debit or exempting debit of the company will arise in respect of the dividend or other benefit under paragraph 160AQCBA(8)(a) .

160AQCNA(2)   [Calculation of debit]  

The amount of the franking debit or exempting debit is worked out as mentioned in paragraph 160AQCBA(8)(b).