INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
If:
(a) a class C franking credit of a life assurance company arises under section 160APVJ because of:
(i) a payment by the company of an amount in respect of a PAYG instalment in respect of the year of income; or
(ii) the application of a PAYG instalment variation credit in respect of a PAYG instalment in respect of the year of income; and
(b) the company's company tax in respect of the year of income is assessed on a day (the assessment day ) that occurs on or after the day on which the class C franking credit arises;
there arises on the assessment day, a class C franking debit of the company equal to the amount of the class C franking credit.
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