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

Schedule 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 3   DIVIDEND IMPUTATION

40   After subsection 160AQCN(2)

Insert:

"(2A) If:

(a) on a particular day, a class A franking credit of a company arises under subsection 160APVH(1) because of paragraph (aa) of that subsection in relation to a company tax instalment in respect of a year of income; and

(b) on or after that day, a notice of an original company tax assessment for the year of income is served, or taken to be served, on the company;

then a class A franking debit of the company equal to the amount of the class A franking credit arises on the day on which the notice is served or taken to be served.".