INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision C - General provisions on franking debits  

SECTION 160APYBA  

160APYBA   REFUNDS OF COMPANY TAX  
If:

(a) a company makes a payment covered by section 160APMA , 160APMB , 160APMC or 160APMD ; and

(b) either:

(i) the company receives an amount as a refund of that payment (not being a refund covered by section 160APYB ); or

(ii) the Commissioner applies the payment against a liability of the company; and

(c) the amount refunded or applied, as the case may be, is not attributable to a reduction of company tax covered by section 160APZ ;

there arises, on the day on which the company receives the refund, or on the day on which that payment is applied, as the case may be, whichever of the following is applicable:

(d) if the payment mentioned in paragraph (a) is in respect of the 1992-93 year of income or an earlier year of income - a class A franking debit of the company equal to the adjusted amount in relation to the amount received or applied, as the case requires;

(e) if the payment mentioned in paragraph (a) is in respect of the 1993-94 year of income or the 1994-95 year of income - a class B franking debit of the company equal to the adjusted amount in relation to the amount received or applied, as the case requires;

(f) if the payment mentioned in paragraph (a) is in respect of the 1995-96 year of income or a later year of income - a class C franking debit of the company equal to the adjusted amount in relation to the amount received or applied, as the case requires.