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

90   Franking rebate for trustees of superannuation funds, ADFs and PSTs

Section 160AQYA of the Principal Act is amended:

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

"(c) there is either or both of the following:

(i) a class A flow-on franking amount in relation to the trust amount;

(ii) a class B flow-on franking amount in relation to the trust amount;";

(b) by omitting from subsection (1) all the words after "equal to" and substituting the following words and paragraphs:
        

"whichever of the following is applicable:

(d) if only subparagraph (c)(i) applies-the class A potential rebate amount in relation to the trust amount;

(e) if only subparagraph (c)(ii) applies-the class B potential rebate amount in relation to the trust amount;

(f) if both subparagraphs (c)(i) and (ii) apply-the sum of:

(i) the class A potential rebate amount in relation to the trust amount; and

(ii) the class B potential rebate amount in relation to the trust amount.";

(c) by omitting paragraph (2)(c) and substituting the following paragraph:
        

"(c) there is either or both of the following:

(i) a class A flow-on franking amount in relation to the partnership amount;

(ii) a class B flow-on franking amount in relation to the partnership amount;";

(d) by omitting from subsection (2) all the words after "equal to" and substituting the following words and paragraphs:
        

"whichever of the following is applicable:

(d) if only subparagraph (c)(i) applies-the class A potential rebate amount in relation to the partnership amount;

(e) if only subparagraph (c)(ii) applies-the class B potential rebate amount in relation to the partnership amount;

(f) if both subparagraphs (c)(i) and (ii) apply-the sum of:

(i) the class A potential rebate amount in relation to the partnership amount; and

(ii) the class B potential rebate amount in relation to the partnership amount.".