INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

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History

Pt IIIAA inserted by No 58 of 1987.

Division 2 - Franking surplus or deficit  

Subdivision CB - Franking debits of life assurance companies where relevant year of income is later than 1999-2000  

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Subdiv CB (renumbered from Subdiv CA (second occurring) by No 101 of 2003, s 3 and Sch 6 item 8, effective 14 October 2003) inserted by No 89 of 2000, s 3 and Sch 3 item 75, effective 1 July 2000.

SECTION 160AQCNCB  

160AQCNCB   REVERSING SECTION 160APVJ FRANKING CREDITS ON ASSESSMENT  
If:

(a) a class C franking credit of a life assurance company arises under section 160APVJ because of:

(i) a payment by the company of an amount in respect of a PAYG instalment in respect of the year of income; or

(ii) the application of a PAYG instalment variation credit in respect of a PAYG instalment in respect of the year of income; and

(b) the company's company tax in respect of the year of income is assessed on a day (the assessment day ) that occurs on or after the day on which the class C franking credit arises;

there arises on the assessment day, a class C franking debit of the company equal to the amount of the class C franking credit.

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S 160AQCNCB amended by No 73 of 2001, s 3 and Sch 2 item 73, by substituting ``PAYG instalment variation credit'' for ``PAYG rate variation credit'' in para (a)(ii), applicable in respect of the 2001/02 year of income and later years of income and in respect of an instalment quarter that is a transitional quarter within the meaning of item 49 of the transitional provisions. For transitional provisions, see note under s 160APBC.

S 160AQCNCB inserted by No 89 of 2000, s 3 and Sch 3 item 75, effective 1 July 2000.

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