INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteIf, on a particular day, a company makes a payment of an excess amount that:
(a) is covered by section 160AQR ; and
(b) relates to an offset to which the company is entitled;
there arises on that day whichever of the following is applicable:
(c) if the offset relates to company tax for 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 of the payment;
(d) if the offset relates to company tax for the 1993-94 year of income or the 1994-95 year of income - a class B franking credit of the company equal to the adjusted amount in relation to the amount of the payment;
(e) if the offset relates to company tax for the 1995-96 year of income or a later year of income - a class C franking credit of the company equal to the adjusted amount in relation to the amount of the payment.
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