Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160apvo
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160APVO
Character Range: 247873–248771

160APVO  Substituted franking credit for payment of excess foreign tax credit

 (1) If a class C franking credit of a life assurance company arises on a particular day under section 160APQB in respect of the 2000‑01 year of income or a later year of income because of an amount paid by the company, there arises on that day:
 (a) a class C franking debit of the company equal to the amount of that class C franking credit; and
 (b) a class C franking credit of the company equal to the adjusted amount in relation to the franking component of the amount paid.
Paragraph (b) does not apply if section 160AQCNCG (transitional provision for early balancing life assurance company for 2000‑01 year of income) applies to the class C franking credit.

 (2) The franking component of the amount paid is so much of the amount paid as is attributable to shareholders' funds income for that year of income.