Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p34
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 81990–84715

franked amount were, by express
provision, confined to a class A franked amount; and
  (c) each reference in section 160AQE to a required franking amount were, by
express provision, confined to a class A required franking amount; and
  (d) each reference in section 160AQE to a franking debit were, by express
provision, confined to a class A franking debit.
  "(2) For the purposes of this Part, the class B required franking amount for
a dividend paid to a shareholder in a company is worked out using the
formula:
           Gross required   -  Class A required
           franking amount      franking amount
where:
  'Gross required franking amount' means the required franking amount for the
dividend;
  'Class A required franking amount' means the class A required franking
amount for the dividend.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 82
How to work out the required franking amount

  82. Section 160AQE of the Principal Act is amended by adding at the end the
following subsection:
  "(6) In this section:
  'franking surplus', in relation to a company at a particular time, means the
sum of:
  (a) the class A franking surplus (if any) of the company as at that time;
and
  (b) the class B franking surplus (if any) of the company as at that time.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 83
What constitutes franking

  83. Section 160AQF of the Principal Act is amended:
  (a) by inserting in subparagraph (1)(c)(i) "class A" before "franked";
  (b) by inserting in paragraph (1)(d) "class A" before "franked";
  (c) by inserting in subsection (1) "class A" before "franked to the
extent";
  (d) by inserting after subsection (1) the following subsections:
  "(1AA)  If:
  (a) a frankable dividend (in this subsection called the 'current dividend')
is paid to a shareholder in a company; and
  (b) the company is a resident at the time of payment; and
  (c) if the current dividend is paid under a resolution:
    (i) before the reckoning day for the current dividend, the company
makes a declaration that each dividend to which the resolution relates is a
class B franked dividend to the extent of a percentage (not exceeding 100%)
specified in the declaration in relation to the dividend; and
    (ii) the percentage so specified is the same for each of the
dividends to which the resolution relates; and
  (d) if the current dividend is not paid under a resolution-the company makes
a declaration before the reckoning day for the current dividend that the
current dividend is a class B franked dividend to the extent of a percentage
(not exceeding 100%) specified in the declaration;
the current dividend is taken to have been class B franked to the extent of