INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
[ CCH Note: Note that there is a second Subdiv CA, comprising s 160AQCNCA to 160AQCNCE, that appears later in this Division.]
(a) on a particular day, a class A franking credit of a life assurance company arises under subsection 160APVC(1) in relation to an amount received as a refund in relation to a year of income; and
(b) on or after that day, a notice of an original company tax assessment for the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served, a class A franking debit of the company equal to the amount of the class A franking credit.
(a) on a particular day, a class B franking credit of a life assurance company arises under subsection 160APVC(1) in relation to an amount received as a refund in relation to a year of income; and
(b) on or after that day, a notice of an original company tax assessment for the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served, a class B franking debit of the company equal to the amount of the class B franking credit.
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