Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p20
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 47776–50522

liable to pay:
    (i) class A franking deficit tax for a franking year; or
    (ii) class B franking deficit tax for a franking year; or
    (iii) class A deficit deferral tax in relation to the
refund of one or more instalments paid during a franking year;
or
    (iv) class B deficit deferral tax in relation to the refund
of one or more instalments paid during a franking year;
or any combination of these taxes in respect of the same
franking year; and".
  50. Paragraph 160AQK(1)(c):
Omit "and the class B franking deficit tax", substitute ", the
class B franking deficit tax, the class A deficit deferral tax
and the class B deficit deferral tax".
  51. After section 160ARE:
Insert:
Deficit deferral tax returns
  "160AREA. If a class A deficit deferral amount (see
subsection 160AQJA(2)) or a class B deficit deferral amount
(see subsection 160AQJB(2)) arises in relation to a company in
relation to a refund, the company must lodge a return in
relation to the deficit deferral amount within 14 days after
receiving the refund.".
  52. Paragraph 160ARH(1)(a):
Omit "under this Part", substitute "under section 160ARE or
160ARF".
  53. After section 160ARH:
Insert:
Deficit deferral tax return taken to be an assessment
  "160ARHA. If, at a particular time (the 'return time'), a
return (the 'deficit deferral tax return') under section
160AREA is lodged by a company, the following provisions have
effect:
  (a) the Commissioner is taken, at the return time, to have
made an assessment (the 'deficit deferral tax assessment') of
any deficit deferral tax payable by the company, being the
amount as specified in the deficit deferral tax return;
  (b) the deficit deferral tax return is taken to be a notice
of the deficit deferral tax assessment and to be signed by the
Commissioner;
  (c) the notice of the deficit deferral tax assessment is
taken to have been served on the company at the return time.".
  54. Section 160ARK:
Add at the end:
  "(3) If a company has not lodged a return in relation to a
deficit deferral amount within the time specified in section
160AREA, the Commissioner may make an assessment of deficit
deferral tax payable by the company in relation to the deficit
deferral amount.".
  55. Subsection 160ARN(8):
Add at the end "or a deficit deferral tax assessment.".
  56. Section 160ARR:
Insert ", deficit deferral tax" after "franking deficit tax".
  57. After section 160ARU:
Insert:
Due date for payment of deficit deferral tax
  "160ARUA. Deficit deferral tax assessed in relation to a
refund becomes due and payable, or is taken to have become due
and payable,
14 days after the refund is received.".
  58. Subsection 160ARW(1):
Insert ", deficit deferral tax" after "franking deficit tax".
  59. Subsection