Taxation Laws Amendment Act (No. 4) 1995 (Repealed) (171 of 1995)
SCHEDULE 2 AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936 RELATING TO DIVIDEND IMPUTATION
152. After section 160ARYB
Insert:
"160ARYC. Class C deficit deferral tax-penalty
A company is liable to pay, by way of penalty, additional tax equal to 30% of the class C deficit deferral tax that is payable by the company in relation to a refund if the class C deficit deferral amount that arises under subsection 160AQJC(2) in relation to the refund is greater than the amount worked out using the formula:
0.1 x Total of class C franking - The adjusted amount in
credits that arose in relation to refunds referred
the first franking year to in paragraph
160AQJC(1)(c)".
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