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 160APVG   LIFE ASSURANCE COMPANIES - CREDIT REDUCING SUBSECTION 160AQCE(1) DEBIT  

160APVG(1)   [Class A franking credit arises]  

If:

(a) on a particular day, a class A franking debit of a life assurance company arises under subsection 160AQCE(1) in relation to a further payment on account of tax in respect of a year of income; and

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

there arises, on the day on which the notice is served or deemed to be served, a class A franking credit of the company equal to the amount of the class A franking debit.

160APVG(2)   [Class B franking credit arises]  

If:

(a) on a particular day, a class B franking debit of a life assurance company arises under subsection 160AQCE(1) in relation to a further payment on account of tax in respect of a year of income; and

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

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