INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision C - General provisions on franking debits  

SECTION 160APYA  

160APYA   REFUNDS OF COMPANY TAX  
If:

(a) a company makes a payment covered by section 160APM or 160APMAA in respect of a year of income; and

(b) either:

(i) the company receives an amount as a refund of that payment (not being a refund covered by section 160APY ); or

(ii) the Commissioner applies an amount, in respect of a credit under section 221AZM , against a liability of the company; and

(c) the amount refunded or credited, as the case may be, is not attributable to a reduction of company tax covered by section 160APZ ;

then:

(d) if the payment is in respect of the 1994-95 year of income - a class B franking debit of the company equal to the adjusted amount in relation to the amount received or credited arises on the day on which the company receives the refund or on the day on which that payment is credited; or

(e) if the payment is in respect of the 1995-96 year of income or a later year of income - a class C franking debit of the company equal to the adjusted amount in relation to the amount received or credited arises on the day on which the company receives the refund or on the day on which that payment is credited.