Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160aqcncd
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160AQCNCD
Character Range: 254268–256688

160AQCNCD  Refunds, and amended assessments, for 2000‑01 and later years of income

Refund

 (1) If:
 (a) a class C franking credit of a company arises under section 160APVJ, 160APVK, 160APVL or 160APVM because of:
 (i) a payment of a PAYG instalment in respect of a year of income; or
 (ii) the application of a PAYG rate variation credit to reduce the company's liability for a PAYG instalment in respect of a year of income; or
 (iii) the payment by the company of an amount of company tax in respect of a year of income; and
 (b) the company receives a refund of the amount paid or applied on a day (the refund day) that occurs on or after the day on which the company's company tax in respect of that year of income is assessed; and
 (c) the amount refunded or applied is not attributable to a reduction of company tax covered by subsection (3); and
 (d) section 160AQCNCI (transitional provision for early balancing life assurance company for 2000‑01 year of income) does not apply to the refund;
a class C franking debit of the company arises on the refund day.

Amount of class C franking debit

 (2) The amount of the class C franking debit that arises under subsection (1) is equal to the adjusted amount in relation to so much of the amount refunded as represents a return to the company of an amount paid or applied to satisfy the company's liability to pay:
 (a) a company tax instalment; or
 (b) company tax;
in respect of shareholders' funds income for that year of income.

Amended assessment

 (3) If a class C franking debit of a life assurance company arises on a particular day under section 160APZ in relation to the 2000‑01 year of income or a later year of income because of a reduction in the company's company tax, there arises on that day:
 (a) a class C franking credit of the company equal to the amount of that class C franking debit; and
 (b) a class C franking debit of the company equal to the adjusted amount in relation to so much of the reduction as represents a return to the company of an amount paid or applied to satisfy the company's liability to pay:
 (i) a company tax instalment; or
 (ii) company tax;
  in respect of shareholders' funds income for that year of income.
A class C franking debit does not arise under paragraph (b) if section 160AQCNCI (transitional provision for early balancing life assurance company for 2000‑01 year of income) applies to the reduction.