INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 11 - Additional tax by way of penalty  

SECTION 160ARXA   INTERPRETATION  

160ARXA(1)   [Definitions]  

In this Division:

"class A deficit deferral tax shortfall"
, in relation to a company and a refund, means any amount by which the company's class A statement deficit deferral tax for that refund at the time at which it was lowest is less than the company's class A proper deficit deferral tax for that refund;

"class A franking tax shortfall"
, in relation to a company and a franking year, means the amount (if any) by which the company's class A statement franking tax for that year at the time at which it was lowest is less than the company's class A proper franking tax for that year;

"class A proper deficit deferral tax"
, in relation to a company and a refund, means the class A deficit deferral tax properly payable by the company in relation to the refund;

"class A proper franking tax"
, in relation to a company and a franking year, means the class A franking deficit tax properly payable by the company in respect of that year;

"class A statement deficit deferral tax"
, in relation to a company, a refund, and a time, means the class A deficit deferral tax that would have been payable by the company in relation to the refund if the tax were assessed at that time taking into account taxation statements by the company;

"class A statement franking tax"
, in relation to a company, a franking year and a time, means the class A franking deficit tax that would have been payable by the company in respect of that year if the tax were assessed at that time taking into account taxation statements by the company;

"class B deficit deferral tax shortfall"
, in relation to a company and a refund, means any amount by which the company's class B statement deficit deferral tax for that refund at the time at which it was lowest is less than the company's class B proper deficit deferral tax for that refund;

"class B franking tax shortfall"
, in relation to a company and a franking year, means the amount (if any) by which the company's class B statement franking tax for that year at the time at which it was lowest is less than the company's class B proper franking tax for that year;

"class B proper deficit deferral tax"
, in relation to a company and a refund, means the class B deficit deferral tax properly payable by the company in relation to the refund;

"class B proper franking tax"
, in relation to a company and a franking year, means the class B franking deficit tax properly payable by the company in respect of that year;

"class B statement deficit deferral tax"
, in relation to a company, a refund and a time, means the class B deficit deferral tax that would have been payable by the company in relation to the refund if the tax were assessed at that time taking into account taxation statements by the company;

"class B statement franking tax"
, in relation to a company, a franking year and a time, means the class B franking deficit tax that would have been payable by the company in respect of that year if the tax were assessed at that time taking into account taxation statements by the company;

class C deficit deferral tax shortfall
, in relation to a company and a refund, means any amount by which the company's class C statement deficit deferral tax for that refund at the time at which it was lowest is less than the company's class C proper deficit deferral tax for that refund.

class C franking tax shortfall
, in relation to a company and a franking year, means the amount (if any) by which the company's class C statement franking tax for that year at the time at which it was lowest is less than the company's class C proper franking tax for that year.

class C proper deficit deferral tax
, in relation to a company and a refund, means the class C deficit deferral tax properly payable by the company in relation to the refund.

class C proper franking tax
, in relation to a company and a franking year, means the class C franking deficit tax properly payable by the company in respect of that year.

class C statement deficit deferral tax
, in relation to a company, a refund and a time, means the class C deficit deferral tax that would have been payable by the company in relation to the refund if the tax were assessed at that time taking into account taxation statements by the company.

class C statement franking tax
, in relation to a company, a franking year and a time, means the class C franking deficit tax that would have been payable by the company in respect of that year if the tax were assessed at that time taking into account taxation statements by the company.

"deficit deferral tax shortfall"
, in relation to a company and a refund, means class A deficit deferral tax shortfall, class B deficit deferral tax shortfall or class C deficit deferral tax shortfall.

"franking tax law"
means a law under which the extent of liability for franking deficit tax or deficit deferral tax is worked out;

"franking tax shortfall"
means:

(a) in relation to a company and a franking year:

(i) the class A franking tax shortfall in relation to the company and the franking year; or

(ii) the class B franking tax shortfall in relation to the company and the franking year; or

(iii) the class C franking tax shortfall in relation to the company and the franking year; or

(iv) the venture capital franking tax shortfall in relation to the company and the franking year; and

(b) in relation to a company and a refund:

(i) the class A deficit deferral tax shortfall in relation to the company and the refund; or

(ii) the class B deficit deferral tax shortfall in relation to the company and the refund; or

(iii) the class C deficit deferral tax shortfall in relation to the company and the refund.

"law"
means:

(a) a section or other provision of an Act; or

(b) a regulation under an Act;

"proper franking tax"

"shortfall section"
means section 160ARZA , 160ARZB , 160ARZC , 160ARZD or 160ARZE ;

"statement deficit deferral tax"
, in relation to a company and a refund, means class A statement deficit deferral tax, class B statement deficit deferral tax or class C statement deficit deferral tax.

"statement franking tax"
, in relation to a company, a franking year and a time, means:

(a) the class A statement franking tax in relation to the company, the franking year and the time; or

(b) the class B statement franking tax in relation to the company, the franking year and the time; or

(c) the class C statement franking tax in relation to the company, the franking year and the time; or

(d) the venture capital statement franking tax in relation to the company, the franking year and the time.

"taxation statement"
means a statement made to a taxation officer orally, in a document or in any other way (including by way of electronic transmission), and includes a statement:

(a) made in an application, certificate, declaration, notification, objection, return or other document made, prepared or given, or purporting to be made, prepared, or given, under this Act or the regulations; or

(b) made in answer to a question asked under this Act or the regulations; or

(c) made in any information given, or purporting to be given, under this Act or the regulations; or

(d) made in a document given to a taxation officer otherwise than under this Act or the regulations;

but does not include a statement made in:

(e) a document produced under paragraph 264(1)(b) or 264A (1)(d) or (e) (other than a document containing particulars of the basis of the calculation of taxable income of a year of income and the tax payable in respect of that taxable income that were specified in a return in accordance with section 221AZD ); or

(f) a document produced under subparagraph 451(2)(c)(ii) or paragraph 453(1)(e) .

venture capital franking tax shortfall
, in relation to a PDF and a franking year, means the amount (if any) by which the PDF's venture capital statement franking tax for that year at the time at which it was lowest is less than the PDF's venture capital proper franking tax for that year.

venture capital proper franking tax
, in relation to a PDF and a franking year, means the venture capital deficit tax properly payable by the PDF in respect of that year.

venture capital statement franking tax
, in relation to a PDF, a franking year and a time, means the venture capital deficit tax that would have been payable by the PDF in respect of that year if the tax were assessed at that time taking into account taxation statements by the PDF.

160ARXA(2)   [``arrangement'', ``tax audit'', ``private ruling'']  

In this Division, ``arrangement'' , ``tax audit'' and ``private ruling'' have the same meanings as in Part IVAA of the Taxation Administration Act 1953 .

160ARXA(3)   [Electronic transmissions etc]  

If a document is given on a data processing device, or by way of electronic transmission, by a registered tax agent on behalf of a taxpayer, then for the purposes of this Part, all statements in the document are taken to have been made by the taxpayer unless the taxpayer can show that the taxpayer did not authorise the statement.