INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a franking credit or debit of a life assurance company arises on the day on which the company's company tax in respect of the 2000-01 year of income is assessed; and
(b) the credit or debit arises in relation to an amount paid by the company, or the application of an amount of a PAYG instalment variation credit, in respect of a PAYG instalment; and
(c) the amount was paid or applied during the 2000-01 year of income; and
(d) the year of income starts before 1 July 2000;
the debit or credit is taken to have arisen on the last day of the 2000-01 year of income for the purposes of the deficit tax, deficit deferral tax and franking additional tax provisions.
The deficit tax, deficit deferral tax and franking additional tax provisions are:
(a) Subdivision B of Division 5 of this Part; and
(b) Subdivision BA of Division 5 of this Part; and
(c) sections 160ARX , 160ARYA and 160ARYL .
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