Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_2:p1
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 2 (pt 1/2)
Character Range: 274462–276952

2                                            Amended assessment       a class C franking debit of the company arises under section 160APZ in respect of the amount of a reduction in the company's company tax on a day (the adjustment day) that occurs on or after the day on which the company's company tax in respect of that year of income is assessed.

Pre 1 July 2000 and post 1 July 2000 proportions

 (2) For the purposes of this section:
 (a) the pre 1 July 2000 proportion is:
 (b) the post 1 July 2000 proportion is:

Franking debit for refund of tax on income derived before 1 July 2000

 (3) On the adjustment day:
 (a) a class A franking debit of the company arises in relation to the pre 1 July 2000 proportion of the amount of the refund or reduction; and
 (b) a class C franking debit of the company arises in relation to the pre 1 July 2000 proportion of the amount of the refund or reduction.

 (4) The amount of the class A franking debit referred to in paragraph (3)(a) is equal to the adjusted amount in relation to the amount calculated using the formula:
where:

company tax referable to pre 1 July 2000 income is the company tax assessed to the company in respect of the year of income to the extent to which it is referable to taxable income derived before 1 July 2000.

general fund component of company tax referable to pre 1 July 2000 income is so much of the company tax assessed to the company in respect of the year of income as is attributable to the general fund component and referable to taxable income derived before 1 July 2000.

 (5) The amount of the class C franking debit referred to in paragraph (3)(b) is equal to the adjusted amount in relation to the amount calculated using the formula:
where:

company tax referable to pre 1 July 2000 income is the company tax assessed to the company in respect of the year of income to the extent to which it is referable to taxable income derived before 1 July 2000.

standard component of company tax referable to pre 1 July 2000 income is so much of the company tax assessed to the company in respect of the year of income as is attributable to the standard component and referable to taxable income derived before 1 July 2000.

Franking debits for refund of tax on income derived on or after 1 July 2000

 (6) On the adjustment day, there also arises a class C franking debit of the company equal to the adjusted amount in relation to the franking component of the post 1 July 2000 proportion of the amount