Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p42
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 102215–104919

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 100
Default assessment

  100. Section 160ARK of the Principal Act is amended:
  (a) by inserting "class A" before "franking" (2nd and 4th occurring);
  (b) by adding at the end the following subsection:
  "(2) If a company has not lodged a return in respect of a franking year, the
Commissioner may make an assessment of:
  (a) the class B franking account balance of the company at the end of the
franking year; and
  (b) any class B franking deficit tax payable by the company for the franking
year.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 101
Amendment of assessments

  101. Section 160ARN of the Principal Act is amended:
  (a) by omitting from subsection (10) "franking surplus" (wherever occurring)
and substituting "class A franking surplus or a class B franking surplus";
  (b) by omitting from subsection (10) "franking account balance" (wherever
occurring) and substituting "class A franking account balance or a nil class B
franking account balance";
  (c) by omitting from subsection (10) "a franking deficit" (wherever
occurring) and substituting "a class A franking deficit or a class B franking
deficit".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 102
Interpretation

  102. Section 160ARXA of the Principal Act is amended:
  (a) by omitting from subsection (1) the definitions of "franking tax
shortfall", "proper franking tax" and "statement franking tax" and
substituting the following definitions:
  " 'franking tax shortfall', in relation to a company and a franking year,
means:
  (a) a class A franking tax shortfall in relation to the company and the
franking year; or
  (b) a class B franking tax shortfall in relation to the company and the
franking year;
  'proper franking tax', in relation to a company and a franking year, means:
  (a) the class A proper franking tax in relation to the company and the
franking year; or
  (b) the class B proper franking tax in relation to the company and the
franking year;
  'statement franking tax', in relation to a company, a franking year and a
time, means:
  (a) the class A statement franking tax in relation to the company, the
franking year and the time; or
  (b) the class B statement franking tax in relation to the company, the
franking year and the time;";
  (b) by inserting in subsection (1) the following definitions:
  " 'class A franking tax shortfall', in relation to a company and a franking
year, means the amount (if any) by which the company's class A statement
franking tax for that year at the time at which it was lowest is less than the
company's class A proper franking tax for that year;
  'class A proper