INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

SECTION 160AQCNQ   COMPANY THAT IS A PARTY TO A SCHEME INVOLVING CAPITAL BENEFITS  

160AQCNQ(1)   [Franking debit arises]  

If:

(a) a company is a party to a scheme to which section 45B applies; and

(b) the Commissioner makes a determination under subsection 45C(3) in respect of the whole or a part of a capital benefit provided by the company under the scheme;

a franking debit of the company will arise under section 45C .

160AQCNQ(2)   [Calculating franking debit]  

The amount of the franking debit is worked out under paragraph 45C(3)(b) and subsection 45C(5) .