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

105   Penalty tax because of position taken

Section 160ARZD of the Principal Act is amended:

(a) by omitting subparagraph (1)(c)(ii) and substituting the following subparagraph:
        

"(ii) 1% of whichever of the following is applicable:

(A) if the shortfall is a class A franking tax shortfall-the class A franking deficit tax that would have been payable by the company for that year if the tax were assessed on the basis of the company's return under subsection 160ARE(1) or 160ARF(1) in relation to that year;

(B) if the shortfall is a class B franking tax shortfall-the class B franking deficit tax that would have been payable by the company for that year if the tax were assessed on the basis of the company's return under subsection 160ARE(1) or 160ARF(1) in relation to that year; and";

(b) by omitting from subsection (5) the definition of "return franking tax".