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 160APVB   LIFE ASSURANCE COMPANIES - CREDIT REVERSING SUBSECTION 160AQCCA(1) OR 160AQCCA(1A) DEBIT  

160APVB(1)   [Class B franking credit arises]  

If:

(a) on a particular day, a class B franking debit of a life assurance company arises under subsection 160AQCCA(1) in relation to:

(i) an instalment that the company is required to pay under section 221AZK in respect of a year of income (the ``current year of income'' ); or

(ii) an amount that the company is required to pay under subsection 221AZR(1) in respect of a year of income (also the ``current year of income'' ); and

(b) on or after that day, a notice of an original company tax assessment for the current year of income is served, or taken to be served, on the company;

then a class B franking credit of the company equal to the amount of the class B franking debit arises on the day on which the notice is served, or taken to be served.

160APVB(2)   [Class C franking credit arises]  

If:

(a) on a particular day, a class C franking debit of a life assurance company arises under subsection 160AQCCA(1A) in relation to:

(i) an instalment that the company is required to pay under section 221AZK in respect of a year of income (the current year of income ); or

(ii) an amount that the company is required to pay under subsection 221AZR(1) in respect of a year of income (also the current year of income ); and

(b) on or after that day, a notice of an original company tax assessment for the current year of income is served, or taken to be served, on the company;

then a class C franking credit of the company equal to the amount of the class C franking debit arises on the day on which the notice is served, or taken to be served.