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 160APVL   PAYG INSTALMENT PAYMENT AFTER ASSESSMENT  

160APVL(1)   [When credit arises]  

If:

(a) on a particular day a life assurance company pays a PAYG instalment in respect of a year of income; and

(b) the company's company tax in respect of the year of income has been assessed before that day; and

(c) section 160AQCNCG (transitional provision for early balancing life assurance company for 2000-01 year of income) does not apply to the amount paid or applied;

there arises on that day, a class C franking credit of the company equal to the adjusted amount in relation to the franking component of the amount paid or applied.

160APVL(2)   [``franking component'']  

The 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.