INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision CC - Transitional provisions (life assurance companies)  

SECTION 160AQCNCJ   EARLY BALANCING LIFE ASSURANCE COMPANY (SPECIAL TIMING RULE FOR DEFICIT TAX, DEFICIT DEFERRAL TAX AND FRANKING ADDITIONAL TAX FOR 2000-01 YEAR OF INCOME)  

160AQCNCJ(1)   [Last day of 2000-01 year of income]  

If:

(a) a franking credit or debit of a life assurance company arises on the day on which the company's company tax in respect of the 2000-01 year of income is assessed; and

(b) the credit or debit arises in relation to an amount paid by the company, or the application of an amount of a PAYG instalment variation credit, in respect of a PAYG instalment; and

(c) the amount was paid or applied during the 2000-01 year of income; and

(d) the year of income starts before 1 July 2000;

the debit or credit is taken to have arisen on the last day of the 2000-01 year of income for the purposes of the deficit tax, deficit deferral tax and franking additional tax provisions.

160AQCNCJ(2)   [Other provisions]  

The deficit tax, deficit deferral tax and franking additional tax provisions are:

(a) Subdivision B of Division 5 of this Part; and

(b) Subdivision BA of Division 5 of this Part; and

(c) sections 160ARX , 160ARYA and 160ARYL .