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 160APZ   160APZ   AMENDED COMPANY TAX ASSESSMENT REDUCING TAX  
Where:


(a) on a particular day, the Commissioner serves on a company a notice of an amended company tax assessment for an eligible year of income; and


(b) the amendment reduces the company tax of the company;

there arises on that day whichever of the following is applicable:


(c) if the year of income is the 1992-93 year of income or an earlier year of income - a class A franking debit of the company equal to the adjusted amount in relation to the amount of the reduction;


(d) if the year of income is the 1993-94 year of income or the 1994-95 year of income - a class B franking debit of the company equal to the adjusted amount in relation to the amount of the reduction;


(e) if the year of income is 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 of the reduction.


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