INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision C - General provisions on franking debits  

SECTION 160APYBAA   REFUNDS FOR 2000-01 YEAR OF INCOME AND LATER YEARS OF INCOME  

160APYBAA(1)   [When debit arises]  

If:

(a) a class C franking credit of a company arises under section 160APME , 160APMF or 160APMG in respect of a PAYG instalment or company tax; and

(b) on a particular day, the company receives a refund of the PAYG instalment or the company tax; and

(c) the amount refunded is not attributable to a reduction of company tax covered by section 160APZ ;

a class C franking debit of the company arises on that day.

160APYBAA(2)   [Amount]  

The class C franking debit is equal to the adjusted amount in relation to the amount of the refund.

160APYBAA(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 160AQCNCD .