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 160APMG   FRANKING CREDITS FOR PAYMENTS OF COMPANY TAX  

160APMG(1)   [When credit arises]  

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

160APMG(2)   [Amount]  

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

160APMG(3)   [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 section 160APVM .