INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

Pt IIIAA inserted by No 58 of 1987.

Div 14 inserted by No 79 of 2000, s 3 and Sch 3 item 13, effective 1 July 2000.

S 160ATE repealed by No 89 of 2000, s 3 and Sch 3 item 92, effective 1 July 2000. S 160ATE formerly read:

PROVISIONS RELATING TO COMPANIES THAT CEASE TO BE LIFE ASSURANCE COMPANIES  
160ATE(1) Conversion of class A franking surplus.  

If:

(a) a company is a life assurance company on 1 July 2000; and

(b) at a particular time (the transition time ) after 1 July 2000, the company ceases to be a life assurance company (other than by ceasing to be a company); and

(c) at the transition time the company has a class A franking surplus;

then, immediately after the transition time:

(d) a class A franking debit of the company equal to that class A franking surplus arises; and

(e) a class C franking credit of the company also arises that is worked out using the formula:

Amount of class A franking surplus

×

39     61

×

66     34

160ATE(2) Conversion of class A franking deficit.  

If:

(a) a company is a life assurance company on 1 July 2000; and

(b) at a particular time (the transition time ) after 1 July 2000, the company ceases to be a life assurance company (other than by ceasing to be a company); and

(c) at the transition time the company has a class A franking deficit;

then, immediately after the transition time:

(d) a class A franking credit of the company arises equal to that class A franking deficit; and

(e) a class C franking debit of the company also arises that is worked out using the formula:

Amount of class A franking deficit

×

39     61

×

66     34

S 160ATE inserted by No 79 of 2000, s 3 and Sch 3 item 13, effective 1 July 2000.