INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS

Division 1 - Interpretation

SECTION 160APHB LIFE ASSURANCE COMPANIES - APPLICATION OF REBATES AGAINST COMPONENTS OF TAXABLE INCOME

160APHB(1) [Must be an individual]

This section applies in working out any of the following for the purposes of this Part:

(a) how much of the company tax assessed to a life assurance company in respect of a year of income is attributable to shareholders' funds income for a year of income;

(b) how much of an amount of a reduction or increase in the company tax of a life assurance company in respect of a year of income is attributable to shareholders' funds income for the year of income.

160APHB(2) [Related payments]

Rebates of tax (other than rebates under section 46 or 46A ) are taken to be applied against components of taxable income in the following order:

(a) taxable income referable to income other than shareholders' funds income;

(b) taxable income referable to shareholders' funds income.

View history note

History

S 160APHB substituted by No 89 of 2000, s 3 and Sch 3 item 57, effective 1 July 2000. S 160APHB formerly read:

LIFE ASSURANCE COMPANIES - APPLICATION OF REBATES AGAINST COMPONENTS OF TAXABLE INCOME
160APHB(1)
This section applies in working out any of the following for the purposes of this Part:

(a) how much of the company tax assessed to a life assurance company for a year of income is attributable to the general fund component;

(b) how much of an amount of a reduction or increase in the company tax of a life assurance company for a year of income is attributable to the general fund component;

(ba) how much of the company tax assessed to a life assurance company for a year of income is attributable to the standard component;

(bb) how much of an amount of a reduction or increase in the company tax of a life assurance company for a year of income is attributable to the standard component;

(c) how much of the estimated tax of a life assurance company for a year of income relates to the following components of taxable income:

(i) the CS/RA component;

(ii) the AD/RLA component;

(iii) the NCS component.

[ S 160APHB(1) amended by No 16 of 1999 and No 62 of 1997.]

160APHB(2)
Rebates of tax (other than rebates under section 46 or 46A) are taken to be applied against components of taxable income in the following order:

(a) components other than the general fund component;

(b) the general fund component.
Note: The general fund component is made up of the standard component and the RSA component.

[ S 160APHB(2) note inserted by No 16 of 1999.

S 160APHB(2) amended by No 62 of 1997.

S 160APHB inserted by No 48 of 1991.]

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