Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 3   DIVIDEND IMPUTATION

36   After section 160APXA

Insert:

Refunds of company tax instalment

"160APY. If a company receives an amount as a refund under subsection 221AZL(2) or 221AZQ(1), a class B franking debit of the company equal to the adjusted amount in relation to the amount received arises on the day on which the company receives the amount.

Refunds of company tax

"160APYA. If:

(a) a company makes a payment covered by section 160APM or 160APMAA; and

(b) either:

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

(ii) the Commissioner credits the payment under paragraph 221AZM(1)(b) or (c) against a liability of the company; and

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

then a class B franking debit of the company equal to the adjusted amount in relation to the amount received or credited arises on the day on which the company receives the refund, or on the day on which that payment is credited.".