INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
If a company with only lower tax shareholders elects to untaint its share capital account under section 160ARDR , a class C franking debit of the company arises on the day of the election equal to the tainting amount less the sum of:
(a) the amount of the class C franking debit (if any) that arose under section 160ARDQ when the share capital account most recently became tainted; and
(b) if the company subsequently transferred one or more further amounts to its share capital account from any of its other accounts - the amounts of any class C franking debits that arose under section 160ARDQ when that further amount or those further amounts were transferred. 160ARDS(2) Company with higher tax shareholders.
If a company with higher tax shareholders elects to untaint its share capital account under section 160ARDR , a class C franking debit of the company arises on the day of the election equal to the amount specified in the election.
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