INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision B - General provisions on franking credits  

SECTION 160APMA  

160APMA   INITIAL PAYMENT OF TAX  
Where, on a particular day (in this section called the ``payment day'' ) in a franking year (in this section called the ``payment year'' ), a payment is made by a company in respect of an initial payment of tax that the company is required to make under section 221AP in respect of a year of income:

(a) if the payment day is in the year of income - there arises on the first day of the franking year next following the payment year whichever of the following is applicable:

(i) if the year of income is the 1992-93 year of income or an earlier year of income - a class A franking credit of the company equal to the adjusted amount in relation to the amount paid;

(ii) if the year of income is the 1993-94 year of income or a later year of income - a class B franking credit of the company equal to the adjusted amount in relation to the amount paid; or

(b) in any other case - there arises on the payment day whichever of the following is applicable:

(i) if the year of income is the 1992-93 year of income or an earlier year of income - a class A franking credit of the company equal to the adjusted amount in relation to the amount paid;

(ii) if the year of income is the 1993-94 year of income or a later year of income - a class B franking credit of the company equal to the adjusted amount in relation to the amount paid.