INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) on a particular day, a life assurance company claims a PAYG instalment variation credit in respect of a year of income under section 45-215 or 45-420 in Schedule 1 to the Taxation Administration Act 1953 ; and
(b) the company's company tax in respect of that year of income has not been assessed on or before that day;
there arises on that day a class C franking debit of the company equal to the adjusted amount in relation to the provisional franking component of the PAYG instalment variation credit.
The provisional franking component of the PAYG instalment variation credit is so much of the credit as is referable to an amount paid or applied to the extent to which the amount paid or applied gave rise to franking credits of the company.