INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision C - General provisions on franking debits  

SECTION 160APY  

160APY   REFUNDS OF COMPANY TAX INSTALMENT  
If a company receives an amount as a refund under subsection 221AZL(2) or 221AZQ (1):

(a) if the refund is in respect of the 1994-95 year of income - a class B franking debit of the company equal to the adjusted amount in relation to the amount received arises on the day on which the company receives the amount; or

(b) if the refund is in respect of the 1995-96 year of income or a later year of income - a class C franking debit of the company equal to the adjusted amount in relation to the amount received arises on the day on which the company receives the amount.