INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history note(a) on a particular day, a class B franking debit of a life assurance company arises under subsection 160AQCCA(1) in relation to:
(i) an instalment that the company is required to pay under section 221AZK in respect of a year of income (the ``current year of income'' ); or
(ii) an amount that the company is required to pay under subsection 221AZR(1) in respect of a year of income (also the ``current year of income'' ); and
(b) on or after that day, a notice of an original company tax assessment for the current year of income is served, or taken to be served, on the company;
then a class B franking credit of the company equal to the amount of the class B franking debit arises on the day on which the notice is served, or taken to be served.
160APVB(2) [Class C franking credit arises](a) on a particular day, a class C franking debit of a life assurance company arises under subsection 160AQCCA(1A) in relation to:
(i) an instalment that the company is required to pay under section 221AZK in respect of a year of income (the current year of income ); or
(ii) an amount that the company is required to pay under subsection 221AZR(1) in respect of a year of income (also the current year of income ); and
(b) on or after that day, a notice of an original company tax assessment for the current year of income is served, or taken to be served, on the company;
then a class C franking credit of the company equal to the amount of the class C franking debit arises on the day on which the notice is served, or taken to be served.
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