INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
[ 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.]
(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.