INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 5 - Franking of dividends  

Subdivision C - Franking deficit tax and deficit deferral tax to offset company tax  

SECTION 160AQKA   SELF-DETERMINATION OF OFFSETS BY COMPANIES  

160AQKA(1)   [Company determines offset]  

A company may, for the purpose of making a claim for an offset in relation to a year of income (being a claim made in the return furnished by the company in respect of income of that year of income or made after the furnishing of that return), determine:

(a) whether an offset is allowable to the company; and

(b) if the company determines that an offset is so allowable - the amount of the offset.

160AQKA(2)   [No application to life assurance company]  

This section does not apply to a life assurance company in relation to a liability to pay franking deficit tax or deficit deferral tax for a franking year that ends on or after 4 May 1999.