PART IIIAA
-
FRANKING OF DIVIDENDS
History
Pt IIIAA inserted by No 58 of 1987.
Division 2
-
Franking surplus or deficit
Subdivision C
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General provisions on franking debits
History
Subdiv C heading substituted by No 89 of 2000, s 3 and Sch 3 item 68, effective 1 July 2000. The heading formerly read ``Subdivision C
-
Franking Debits''.
SECTION 160APYBAB
PAYG INSTALMENT VARIATION CREDITS
160APYBAB(1)
[When debit arises]
If, on a particular day, a company claims a PAYG instalment variation credit in respect of a year of income under section
45-215
or
45-420
in Schedule
1
to the
Taxation Administration Act 1953
, there arises on that day a class C franking debit of the company.
History
S 160APYBAB(1) amended by No 73 of 2001, s 3 and Sch 2 items 69 and 70, by substituting ``PAYG instalment variation credit'' for ``PAYG rate variation credit'' and inserting ``or 45-420'' after ``45-215'', applicable in respect of the 2001/02 year of income and later years of income and in respect of an instalment quarter that is a transitional quarter within the meaning of item 49 of the transitional provisions. For transitional provisions, see note under s 160APBC.
160APYBAB(2)
[Amount]
The class C franking debit is equal to the adjusted amount in relation to the amount of the PAYG instalment variation credit.
History
S 160APYBAB(2) amended by No 73 of 2001, s 3 and Sch 2 item 71, by substituting ``PAYG instalment variation credit'' for ``PAYG rate variation credit'', applicable in respect of the 2001/02 year of income and later years of income and in respect of an instalment quarter that is a transitional quarter within the meaning of item 49 of the transitional provisions. For transitional provisions, see note under s 160APBC.
160APYBAB(3)
[Life assurance company]
This section does not apply if the company is a life assurance company.
Note:
For the treatment of life assurance companies, see section
160AQCNCE
.
History
S 160APYBAB inserted by No 89 of 2000, s 3 and Sch 3 item 18, applicable to the 2000/01 and later years of income.
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