Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p32
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 77290–79802

on that day a class A franking debit of the company equal to the
amount that would have been the amount of that class B franking credit if the
assumptions set out in subsection (2) were made.
  "(2) The assumptions are as follows:
  (a) the assumption that the class B franking credit had been calculated
using a statutory factor of 0.2 instead of 1.0;
  (b) the assumption that the class B franking credit had been calculated by
reference to the special life company tax rate for the year of tax concerned
instead of by reference to the general company tax rate for the year of tax
concerned.
  "(3) If:
  (a) on a particular day, a class A franking credit of a company arises under
subsection 160APVH(1) because of paragraph (a) of that subsection in relation
to an initial payment of tax in respect of a year of income; and
  (b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class A franking debit of the company equal to the amount of the class A
franking credit.
  "(4) If:
  (a) on a particular day, a class A franking credit of a company arises under
subsection 160APVH(1) because of paragraph (c) of that subsection in relation
to a further payment on account of tax in respect of a year of income; and
  (b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class A franking debit of the company equal to the amount of the class A
franking credit.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 79
Determination of estimated class A debit

  79. Section 160AQD of the Principal Act is amended by inserting "class A"
after "estimated" (wherever occurring).

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 80
Insertion of new section

  80. After section 160AQD of the Principal Act the following section is
inserted in Division 3 of Part IIIAA:
Determination of estimated class B debit
  "160AQDA.(1) If a company:
  (a) has taken liability reduction action; or
  (b) has paid an initial payment of tax under section 221AP;
the company may lodge an application with the Commissioner for:
  (c) the determination of an estimated class B debit in relation to the
liability reduction action or in relation to the payment of