INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteA company may, for the purpose of making a claim for an offset in relation to a year of income (being a claim made in the return furnished by the company in respect of income of that year of income or made after the furnishing of that return), determine:
(a) whether an offset is allowable to the company; and
(b) if the company determines that an offset is so allowable - the amount of the offset. 160AQKA(2) [No application to life assurance company]
This section does not apply to a life assurance company in relation to a liability to pay franking deficit tax or deficit deferral tax for a franking year that ends on or after 4 May 1999.
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