Treasury Laws Amendment (2021 Measures No. 5) Act 2021 (127 of 2021)

Schedule 3   Miscellaneous and technical amendments

Part 1   Amendments commencing day after Royal Assent

Division 7   Franking account balance

Income Tax Assessment Act 1997
35   Subsection 219-15(2) (after table item 6)

Insert:

6A

a *franking debit arises under item 2 or 3 of the table in subsection 219-30(2) because the company receives a *tax offset refund; and

the company's tax offset refund is subsequently reduced and the company is liable to pay to the Commonwealth the amount of the excess mentioned in subsection 172A(2) of the Income Tax Assessment Act 1936; and

the company pays the amount of the excess

the difference (if any) between:

(a) the amount of the franking debit; and

(b) the amount the franking debit would have been if the tax offset refund were reduced by the amount of the excess

on the day on which the amount of the excess is paid


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