INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 13 - Transitional provisions arising from the introduction of class C franking credits and class C franking debits  

SECTION 160ASL   REQUIRED FRANKING AMOUNTS IN CERTAIN CASES COVERED BY SUBSECTION 160AQE(2)  

160ASL(1)   When section applies.  

This section applies in relation to a dividend paid by a company to a shareholder if:

(a) the beginning of the reckoning day for the dividend is after the company's class C conversion time; and

(b) the dividend is the current dividend under subsection 160AQE(2) ; and

(c) the beginning of the reckoning day for the earlier dividend mentioned in that subsection is before the company's class C conversion time.

160ASL(2)   Effect on required franking amount - companies other than life assurance companies.  

If the company is not a life assurance company at the beginning of the reckoning day for the current dividend then, for the purposes of the definition of RFS in subsection 160AQE(2) :

(a) the amount that will be the franked amount in relation to the earlier dividend is taken to be the amount worked out using the formula:

(b) the required franking amount in relation to the earlier dividend is taken to be the amount worked out using the formula:

160ASL(3)   Effect on required franking amount - life assurance companies.  

If the company is a life assurance company at the beginning of the reckoning day for the current dividend then, for the purposes of the definition of RFS in subsection 160AQE(2) :

(a) the amount that will be the franked amount in relation to the earlier dividend is taken to be the amount worked out using the formula:

(b) the required franking amount in relation to the earlier dividend is taken to be the amount worked out using the formula: