Document ID: chunk:federal_register_of_legislation:C2010C00691:schedule:1:p7
Version: federal_register_of_legislation:C2010C00691
Segment Type: schedule
Provision Reference: sch 1 (pt 7/10)
Character Range: 161529–164137

a relevant entity, section 221AZF of the Assessment Act has, and is
taken to have had, effect as if that initial payment of tax had been paid by
the relevant entity on the day on which its paragraph 221AQ(1)(a) notice for
the 1993-94 year of income was given to the Commissioner.
  (2) If:
  (a) an initial payment of tax payable by a relevant entity is reduced under
the IP offset provision; and
  (b) the relevant entity pays that reduced initial payment of tax;
section 221AZF of the Assessment Act has, and is taken to have had, effect as
if the amount of that payment had been increased by the amount of the
reduction.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 172
Franking credits and debits-effect of elimination or reduction of
initial payment of tax

  172.(1) If, under the IP offset provision, no initial payment of tax is
payable by a company, then, sections 160APMA, 160APVBA, 160APVH, 160APYBA,
160APYC, 160AQCD and 160AQCN of the Assessment Act have, and are taken to have
had, effect as if the company had, on the day on which its paragraph
221AQ(1)(a) notice for the 1993-94 year of income was given to the
Commissioner, paid that initial payment of tax.
  (2) If:
  (a) the initial payment of tax payable by a company is reduced under the IP
offset provision; and
  (b) the company pays that reduced initial payment of tax;
then, sections 160APMA, 160APVBA, 160APVH, 160APYBA, 160APYC, 160AQCD and
160AQCN of the Assessment Act have, and are taken to have had, effect as if
the amount of that payment had been increased by the amount of the reduction.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 173
Reduction of liability for franking deficit tax

  173. Despite section 160AQJ of the Assessment Act, a company's liability for
franking deficit tax in respect of the franking year in which the last day of
its 1993-94 year of income occurred is to be calculated on the following
assumptions:
  (a) if:
    (i) an initial payment of tax payable by the company is reduced
under the IP offset provision; and
    (ii) the company pays that reduced initial payment of tax;
the assumption that the amount of that payment had been increased by the
amount of the reduction;
  (b) if, under the IP offset provision, no initial payment of tax is payable
by the company-the assumption that the company had, on the day on which its
paragraph 221AQ(1)(a) notice for the 1993-94 year of income was given to the
Commissioner, paid that initial payment of tax.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 174
No refunds of amounts of franking deficit