INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

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

SECTION 160AQCNCB  

160AQCNCB   REVERSING SECTION 160APVJ FRANKING CREDITS ON ASSESSMENT  
If:

(a) a class C franking credit of a life assurance company arises under section 160APVJ because of:

(i) a payment by the company of an amount in respect of a PAYG instalment in respect of the year of income; or

(ii) the application of a PAYG instalment variation credit in respect of a PAYG instalment in respect of the 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 credit arises;

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