INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART IIIAA
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FRANKING OF DIVIDENDS
(a) a class C franking credit of a life assurance company arises under section 160APVJ in relation to a payment of a PAYG instalment in respect of a year of income; and
(b) the company's company tax in respect of the year of income is assessed on a day (the assessment day ) that occurs on or after the day on which the class C franking credit arises; and
(c) section 160AQCNCG (transitional provision for early balancing life assurance company for 2000-01 year of income) does not apply to the class C franking credit;
Division 2
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Franking surplus or deficit
Subdivision BB
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Franking credits of life assurance companies where relevant year of income is later than 1999-2000
[ CCH Note: The heading to Subdiv BA, and s 160APVAA, were inserted immediately before Subdiv C, as specified by No 89 of 2000, s 3 and Sch 3 item 63.]
SECTION 160APVK
FRANKING CREDIT ON ASSESSMENT FOR EARLIER PAYG INSTALMENT PAYMENT
160APVK(1)
[When credit arises]
(a) a class C franking credit of a life assurance company arises under section 160APVJ in relation to a payment of a PAYG instalment in respect of a year of income; and
(b) the company's company tax in respect of the year of income is assessed on a day (the assessment day ) that occurs on or after the day on which the class C franking credit arises; and
(c) section 160AQCNCG (transitional provision for early balancing life assurance company for 2000-01 year of income) does not apply to the class C franking credit;
there arises on the assessment day a class C franking credit of the company equal to the adjusted amount in relation to the final franking component of the amount paid or applied.
160APVK(2) [``final franking component'']The final franking component of the amount paid or applied is so much of the amount paid or applied as is attributable to shareholders' funds income for that year of income.
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