Taxation Laws Amendment Act (No. 3) 1993 (118 of 1993)

Part 4   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 9   Amendments relating to dividend imputation

Subdivision B   Amendments of the Principal Act

102   Interpretation

Section 160ARXA of the Principal Act is amended:

(a) by omitting from subsection (1) the definitions of "franking tax shortfall", "proper franking tax" and "statement franking tax" and substituting the following definitions:
        

" 'franking tax shortfall', in relation to a company and a franking year, means:

(a) a class A franking tax shortfall in relation to the company and the franking year; or

(b) a class B franking tax shortfall in relation to the company and the franking year;

'proper franking tax', in relation to a company and a franking year, means:

(a) the class A proper franking tax in relation to the company and the franking year; or

(b) the class B proper franking tax in relation to the company and the franking year;

'statement franking tax', in relation to a company, a franking year and a time, means:

(a) the class A statement franking tax in relation to the company, the franking year and the time; or

(b) the class B statement franking tax in relation to the company, the franking year and the time;";

(b) by inserting in subsection (1) the following definitions:
        

" 'class A franking tax shortfall', in relation to a company and a franking year, means the amount (if any) by which the company's class A statement franking tax for that year at the time at which it was lowest is less than the company's class A proper franking tax for that year;

'class A proper franking tax', in relation to a company and a franking year, means the class A franking deficit tax properly payable by the company in respect of that year;

'class A statement franking tax', in relation to a company, a franking year and a time, means the class A franking deficit tax that would have been payable by the company in respect of that year if the tax were assessed at that time taking into account taxation statements by the company;

'class B franking tax shortfall', in relation to a company and a franking year, means the amount (if any) by which the company's class B statement franking tax for that year at the time at which it was lowest is less than the company's class B proper franking tax for that year;

'class B proper franking tax', in relation to a company and a franking year, means the class B franking deficit tax properly payable by the company in respect of that year;

'class B statement franking tax', in relation to a company, a franking year and a time, means the class B franking deficit tax that would have been payable by the company in respect of that year if the tax were assessed at that time taking into account taxation statements by the company;".