INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision CA - Franking debits of life assurance companies where relevant year of income is no later than 1999-2000  

SECTION 160AQCM   LIFE ASSURANCE COMPANIES - DEBIT REDUCING SUBSECTION 160APVC(1) CREDIT  

160AQCM(1)   [Class A franking debit arises]  

If:

(a) on a particular day, a class A franking credit of a life assurance company arises under subsection 160APVC(1) in relation to an amount received as a refund in relation to 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 debit of the company equal to the amount of the class A franking credit.

160AQCM(2)   [Class B franking debit arises]  

If:

(a) on a particular day, a class B franking credit of a life assurance company arises under subsection 160APVC(1) in relation to an amount received as a refund in relation to 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 debit of the company equal to the amount of the class B franking credit.