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 160APME   FRANKING CREDITS FOR PAYING PAYG INSTALMENTS  

160APME(1)   [When credit arises]  

If, on a particular day, a company pays a PAYG instalment in respect of a year of income, there arises on that day a class C franking credit of the company.

160APME(2)   [Amount]  

The class C franking credit is equal to the adjusted amount in relation to the amount of the instalment paid.

160APME(3)   [No application if life assurance company]  

This section does not apply if the company is a life assurance company.

Note:

For the treatment of life assurance companies, see sections 160APVJ to 160APVL.