INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history note[ CCH Note: Note that there is a second Subdiv CA, comprising s 160AQCNCA to 160AQCNCE, that appears later in this Division.]
If a private company is a life assurance company and is taken under Division
7A
of Part
III
to have paid a dividend at the end of the company's year of income, there arises on the last day of the year of income a class A franking debit of the company equal to the amount (if any) worked out under subsection (2).
Note:
Division 7A of Part III treats a private company as having paid a dividend if it pays or lends an amount to a shareholder or shareholder's associate, or forgives the debt of a shareholder or shareholder's associate.
160AQCNC(2) Amount of class A franking debit.The amount is the class A required franking amount worked out under subsection 160AQDB(1) for a dividend equal to the amount taken to have been paid as a dividend. (For this purpose, assume the dividend was paid on the last day of the company's year of income.)
160AQCNC(3) Creation of class C franking debit.If a private company is taken under Division 7A of Part III to have paid a dividend at the end of the company's year of income, there arises on the last day of the year of income a class C franking debit of the company equal to the amount (if any) worked out under subsection (4).
160AQCNC(4) Amount of class C franking debit.The amount is the class C required franking amount worked out under subsection 160AQDB(4) for a dividend equal to the amount taken to have been paid as a dividend. (For this purpose, assume the dividend was paid on the last day of the company's year of income.)
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