Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 3   DIVIDEND IMPUTATION

31   After section 160APL

Insert:

Payment of company tax instalment

"160APM. If a company tax instalment payable by a company under section 221AZK is paid on a particular day, a class B franking credit of the company equal to the adjusted amount in relation to the amount paid arises on that day.

Payment of additional amount on upwards estimate

"160APMAA. If an amount payable by a company under subsection 221AZR(1) is paid on a particular day, a class B franking credit of the company equal to the adjusted amount in relation to the amount paid arises on that day.

Deficit deferral amount Class A deficit deferral amount

"160APMAB. (1) If a company receives a refund in relation to which a class A deficit deferral amount arises (see subsection 160AQJA(2)) on a particular day, a class A franking credit of the company equal to the adjusted amount in relation to the class A deficit deferral tax payable in relation to the refund (see subsection 160AQJA(3)) arises on that day.

Class B deficit deferral amount

"(2) If a company receives a refund in relation to which a class B deficit deferral amount arises (see subsection 160AQJB(2)) on a particular day, a class B franking credit of the company equal to the adjusted amount in relation to the class B deficit deferral tax payable in relation to the refund (see subsection 160AQJB(3)) arises on that day.".