Document ID: chunk:federal_register_of_legislation:C2004A00901:clause:3_160aqkad:p3
Version: federal_register_of_legislation:C2004A00901
Segment Type: clause
Provision Reference: sch 3 cl 160AQKAD (pt 3/4)
Character Range: 31697–34298

and (10) for payments and refunds of company tax made between the serving of the original company tax assessment and the amended company tax assessment.

Franking credit on amended company tax assessment

 (7) On the day on which the amended company tax assessment is served on the company, a class C franking credit equal to the adjusted amount of the amount worked out using the following formula arises:
where:

amount of the company's liability to pay company tax for the eligible year of income that would normally give rise to franking credits is the amount worked out for the company for that year under section 160AQKAB.

reduced liability to pay company tax means the amount, after the reduction under section 160AQKAC is made, of the company's liability to pay company tax for the eligible year of income (worked out in accordance with the amended company tax assessment).

total payments of PAYG instalments and company tax less refunds means the sum of all PAYG instalments and company tax for the eligible year of income paid by the company on or before the day on which the amended company tax assessment is served less the sum of all refunds of company tax for the eligible year of income received by the company on or before that day.

Franking credit on a payment made after original or amended company tax assessment

 (8) A class C franking credit arises if the company pays a PAYG instalment or company tax for the eligible year of income:
 (a) in a case where the determination is made under subsection 160AQKAA(1) (a determination made as a result of the original company tax assessment for the eligible year of income)—after the day on which the original company tax assessment is served on the company and before the day on which the first or only amended company tax assessment (if any) is served on the company; and
 (b) in a case where the determination is made under subsection 160AQKAA(3) (a determination made as a result of an amended company tax assessment for the eligible year of income)—after the day on which the amended company tax assessment is served on the company and before the day on which the next amended company tax assessment (if any) is served on the company.

 (9) The class C franking credit arises on the day on which the payment is made and is equal to the adjusted amount of the amount worked out using the formula:
where:

amount of the company's liability to pay company tax for the eligible year of income that would normally give rise to franking credits is the amount worked out for the company for that year under section 160AQKAB.

reduced