INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2A - Exempting companies and former exempting companies  

SECTION 160AQCNN   CONVERSION OF CERTAIN FRANKING DEBITS OF FORMER EXEMPTING COMPANY TO EXEMPTING DEBITS  

160AQCNN(1)   [Where certain franking debits would have arisen]  

If, apart from this section, a franking debit of a former exempting company would have arisen under section 160APY , 160APYA , 160APYBA , 160APYBB , 160APYC , 160APZ , 160AQC , 160AQCB , 160AQCBA , 160AQCCA to 160AQCN and 160ASI , the following provisions of this section have effect.

160AQCNN(2)   [Wholly attributable]  

If the franking debit is wholly attributable to a period during which, or to an event taking place at a time when, the company was an exempting company:

(a) the franking debit is taken not to arise; and

(b) an exempting debit of the company equal to the amount of the franking debit is taken to arise.

160AQCNN(3)   [Partly attributable]  

If the franking debit is partly attributable to a period during which, or to an event taking place at a time when, the company was an exempting company:

(a) the franking debit is, to the extent to which it is so attributable, taken not to arise; and

(b) an exempting debit of the company equal to the amount of the franking debit, to the extent to which it is so attributable, is taken to arise.

160AQCNN(4)   [Reference to periods]  

A reference in subsection (2) or (3) to a period during which, or to a time when, a company was an exempting company includes a reference to a period during which, or to a time when, a company would have been an exempting company if paragraph 160APHBA(1)(a) had not been enacted.

160AQCNN(5)   [Sec 160ASI class C franking debit]  

For the purposes of subsection (2) or (3), a class C franking debit that arises under section 160ASI is taken to be attributable to a period or time to the extent to which the class A franking debit or class B franking debit because of which the class C franking debit arose was attributable to that period or time.