INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a class C franking credit of a company arises under section 160APVJ , 160APVK , 160APVL or 160APVM because of:
(i) a payment of a PAYG instalment in respect of a year of income; or
(ii) the application of a PAYG instalment variation credit to reduce the company's liability for a PAYG instalment in respect of a year of income; or
(iii) the payment by the company of an amount of company tax in respect of a year of income; and
(b) the company receives a refund of the amount paid or applied on a day (the refund day ) that occurs on or after the day on which the company's company tax in respect of that year of income is assessed; and
(c) the amount refunded or applied is not attributable to a reduction of company tax covered by subsection (3); and
(d) section 160AQCNCI (transitional provision for early balancing life assurance company for 2000-01 year of income) does not apply to the refund;
a class C franking debit of the company arises on the refund day.
The amount of the class C franking debit that arises under subsection (1) is equal to the adjusted amount in relation to so much of the amount refunded as represents a return to the company of an amount paid or applied to satisfy the company's liability to pay:
(a) a company tax instalment; or
(b) company tax;
in respect of shareholders' funds income for that year of income.160AQCNCD(3) Amended assessment.
If a class C franking debit of a life assurance company arises on a particular day under section 160APZ in relation to the 2000-01 year of income or a later year of income because of a reduction in the company's company tax, there arises on that day:
(a) a class C franking credit of the company equal to the amount of that class C franking debit; and
(b) a class C franking debit of the company equal to the adjusted amount in relation to so much of the reduction as represents a return to the company of an amount paid or applied to satisfy the company's liability to pay:
(i) a company tax instalment; or
in respect of shareholders' funds income for that year of income.
(ii) company tax;
A class C franking debit does not arise under paragraph (b) if section 160AQCNCI (transitional provision for early balancing life assurance company for 2000-01 year of income) applies to the reduction.
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