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 160APYC  

160APYC   WAIVER OF FRANKING DEFICIT TAX  
Where subsection 160AQJ(2) applies in relation to an initial payment of tax under section 221AP made by a company in respect of the 1993-94 year of income or a later year of income, there arises, on the day of that payment, a class B franking debit of the company equal to:

(a) if paragraph 160AQJ(2)(c) or (e) applies - the adjusted amount in relation to the amount of the relevant franking deficit tax referred to in that paragraph; or

(b) if paragraph 160AQJ(2)(d) applies - the adjusted amount in relation to so much of the amount of the relevant franking deficit tax referred to in that paragraph as is equal to the initial payment of tax; or

(c) if paragraph 160AQJ(2)(f) applies - the adjusted amount in relation to so much of the amount of the relevant franking deficit tax referred to in that paragraph as is equal to the amount calculated using the formula:

Initial payment   −   Fund component

where:

`` Initial payment '' means the amount of the initial payment of tax;

`` Fund component '' means so much of the initial payment of tax as is attributable to so much of the estimated tax as relates to the following components of taxable income:

(i) the CS/RA component;

(ii) the AD/RLA component;

(iii) the NCS component.