INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision BB - Franking credits of life assurance companies where relevant year of income is later than 1999-2000  

SECTION 160APVK   FRANKING CREDIT ON ASSESSMENT FOR EARLIER PAYG INSTALMENT PAYMENT  

160APVK(1)   [When credit arises]  

If:

(a) a class C franking credit of a life assurance company arises under section 160APVJ in relation to a payment of a PAYG instalment in respect of a year of income; and

(b) the company's company tax in respect of the year of income is assessed on a day (the assessment day ) that occurs on or after the day on which the class C franking credit arises; and

(c) section 160AQCNCG (transitional provision for early balancing life assurance company for 2000-01 year of income) does not apply to the class C franking credit;

there arises on the assessment day a class C franking credit of the company equal to the adjusted amount in relation to the final franking component of the amount paid or applied.

160APVK(2)   [``final franking component'']  

The final franking component of the amount paid or applied is so much of the amount paid or applied as is attributable to shareholders' funds income for that year of income.