INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 7 - Dividends paid to trusts and partnerships  

Subdivision C - Adjustments in relation to section 160AQT amounts  

SECTION 160AR   ADJUSTMENT WHERE FRANKING CREDIT ARISES  

160AR(1)   [Class A potential rebate amount re trust]  

Where:

(a) a trust amount is included in the assessable income of a company of a year of income; and

(b) a class A franking credit arises, or apart from subsection 160APQ(4) would arise, under section 160APQ in relation to the trust amount; and

(c) subsection 160APQ(3) does not apply;

an amount equal to so much of the class A potential rebate amount in relation to the trust amount as does not exceed the trust amount is allowable as a deduction from the assessable income of the company of the year of income.

160AR(1A)   [Class B potential rebate amount re trust]  

If:

(a) a trust amount is included in the assessable income of a company of a year of income; and

(b) a class B franking credit arises, or apart from subsection 160APQ(4) would arise, under section 160APQ in relation to the trust amount; and

(c) subsection 160APQ(3) does not apply;

an amount equal to so much of the class B potential rebate amount in relation to the trust amount as does not exceed the trust amount is allowable as a deduction from the assessable income of the company of the year of income.

160AR(1B)   [Class C potential rebate amount re trust]  

If:

(a) a trust amount is included in the assessable income of a company of a year of income; and

(b) a class C franking credit arises, or apart from subsection 160APQ(4) would arise, under section 160APQ in relation to the trust amount; and

(c) subsection 160APQ(3) does not apply;

an amount equal to so much of the class C potential rebate amount in relation to the trust amount as does not exceed the trust amount is allowable as a deduction from the assessable income of the company of the year of income.

160AR(2)   [Class A potential rebate amount re partnership]  

Where:

(a) a partnership amount is included in, or allowable as a deduction from, the assessable income of a company of a year of income; and

(b) a class A franking credit arises, or apart from subsection 160APQ(4) would arise, under section 160APQ in relation to the partnership amount; and

(c) subsection 160APQ(3) does not apply;

the class A potential rebate amount in relation to the partnership amount is allowable as a deduction from the assessable income of the company of the year of income.

160AR(3)   [Class B potential rebate amount re partnership]  

If:

(a) a partnership amount is included in, or allowable as a deduction from, the assessable income of a company of a year of income; and

(b) a class B franking credit arises, or apart from subsection 160APQ(4) would arise, under section 160APQ in relation to the partnership amount; and

(c) subsection 160APQ(3) does not apply;

the class B potential rebate amount in relation to the partnership amount is allowable as a deduction from the assessable income of the company of the year of income.

160AR(4)   [Class C potential rebate amount re partnership]  

If:

(a) a partnership amount is included in, or allowable as a deduction from, the assessable income of a company of a year of income; and

(b) a class C franking credit arises, or apart from subsection 160APQ(4) would arise, under section 160APQ in relation to the partnership amount; and

(c) subsection 160APQ(3) does not apply;

the class C potential rebate amount in relation to the partnership amount is allowable as a deduction from the assessable income of the company of the year of income.