INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision BB - Franking credits of life assurance companies where relevant year of income is later than 1999-2000  

SECTION 160APVN   160APVN   REVERSING SUBSECTION 160AQCNCE(1) FRANKING DEBIT ON ASSESSMENT  
If:


(a) a class C franking debit of a life assurance company arises under subsection 160AQCNCE(1) because a company becomes entitled to a PAYG instalment variation credit 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 debit arises;

there arises on the assessment day, a class C franking credit of the company equal to the amount of the class C franking debit.


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