INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteIf, apart from this section, a franking credit of a former exempting company would have arisen under any of sections 160APM , 160APMAA , 160APMAB , 160APMD , 160APQA , 160APQB , 160APU to 160APVH and 160ASI, the following provisions of this section have effect.
160AQCNM(2) [Where credit taken not to arise]If the franking credit is wholly attributable to a period during which, or to an event taking place at a time when, the company was an exempting company:
(a) the franking credit is taken not to arise; and
(b) an exempting credit of the company equal to the amount of the franking credit is taken to arise. 160AQCNM(3) [Partly attributable]
If the franking credit is partly attributable to a period during which, or to an event taking place at a time when, the company was an exempting company:
(a) the franking credit is, to the extent to which it is so attributable, taken not to arise; and
(b) an exempting credit of the company equal to the amount of the franking credit, to the extent to which it is so attributable, is taken to arise. 160AQCNM(4) [Reference to periods]
A reference in subsection (2) or (3) to a period during which, or to a time when, a company was an exempting company includes a reference to a period during which, or to a time when, a company would have been an exempting company if paragraph 160APHBA(1)(a) had not been enacted.
160AQCNM(5) [Sec 160ASI class C franking credit]For the purposes of subsection (2) or (3), a class C franking credit that arises under section 160ASI is taken to be attributable to a period or time to the extent to which the class A franking credit or class B franking credit because of which the class C franking credit arose was attributable to that period or time.
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