INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 11 - Additional tax by way of penalty  

SECTION 160ARZF  

160ARZF   CERTAIN AMOUNTS NOT SHORTFALL BECAUSE OF APPLICATION FOR PRIVATE RULING  
If:

(a) apart from this section, a company has a franking tax shortfall for a franking year or a refund; and

(b) the shortfall or part of it was caused by the company, in a taxation statement, treating a franking tax law as applying to the company in respect of the year, or the refund, in relation to an arrangement in a particular way; and

(c) when or before the statement was made, there was an application for a private ruling on the way in which that law would apply to the company in respect of the year, or the refund, in relation to the arrangement; and

(d) in the opinion of the Commissioner, the application was one that the Commissioner is required to comply with; and

(e) when the statement was made, the private ruling had not been made;

the shortfall is not a franking tax shortfall, or the part is not part of a franking tax shortfall, for the purposes of section 160ARZA , 160ARZB , 160ARZC or 160ARZD .