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

Schedule 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 3   DIVIDEND IMPUTATION

60   Subsection 160ARXA(1) (definitions of 'franking tax shortfall' and 'proper franking tax')

Omit the definitions, substitute:

"'franking tax shortfall' means:

(a) in relation to a company and a franking year:

(i) the class A franking tax shortfall in relation to the company and the franking year; or

(ii) the class B franking tax shortfall in relation to the company and the franking year; and

(b) in relation to a company and a refund:

(i) the class A deficit deferral tax shortfall in relation to the company and the refund; or

(ii) the class B deficit deferral tax shortfall in relation to the company and the refund;

'proper franking tax' means:

(a) in relation to a company and a franking year:

(i) the class A proper franking tax in relation to the company and the franking year; or

(ii) the class B proper franking tax in relation to the company and the franking year; and

(b) in relation to a company and a refund:

(i) the proper class A deficit deferral tax in relation to the company and the refund; or

(ii) the proper class B deficit deferral tax in relation to the company and the refund;".