INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteWhere, on a particular day (in this section called the ``payment day'' ) in a franking year (in this section called the ``payment year'' ), a payment is made by a company in respect of an initial payment of tax that the company is required to make under section 221AP in respect of a year of income:
(a) if the payment day is in the year of income - there arises on the first day of the franking year next following the payment year whichever of the following is applicable:
(i) if the year of income is the 1992-93 year of income or an earlier year of income - a class A franking credit of the company equal to the adjusted amount in relation to the amount paid;
(ii) if the year of income is the 1993-94 year of income or a later year of income - a class B franking credit of the company equal to the adjusted amount in relation to the amount paid; or
(b) in any other case - there arises on the payment day whichever of the following is applicable:
(i) if the year of income is the 1992-93 year of income or an earlier year of income - a class A franking credit of the company equal to the adjusted amount in relation to the amount paid;
(ii) if the year of income is the 1993-94 year of income or a later year of income - a class B franking credit of the company equal to the adjusted amount in relation to the amount paid.
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