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

96   Adjustment where trustee assessed for company

Section 160ARC of the Principal Act is amended:

(a) by inserting in paragraph (b) "class A" before "flow-on franking amount";
        

(b) by inserting "class A" before "potential rebate amount";
        

(c) by adding at the end the following subsection:
        

"(2) If:

(a) a trustee is liable to be assessed under subsection 98(3) on a trust amount; and

(b) there is a class B flow-on franking amount in relation to the trust amount;

the trust amount is to be reduced by so much of the class B potential rebate amount in relation to the trust amount as does not exceed the trust amount.".