Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160atc
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160ATC
Character Range: 283343–284206

160ATC  Conversion of balance of class A franking to reflect the new company tax rate and transfer to the class C franking account

 (1) If a company that is a life assurance company has a class A franking surplus at the start of 1 July 2000:
 (a) a class A franking debit of the company arises equal to that surplus; and
 (b) a class C franking credit of the company arises equal to the amount of the class A franking debit multiplied by the conversion factor in subsection (3).

 (2) If a company that is a life assurance company has a class A franking deficit at the start of 1 July 2000:
 (a) a class A franking credit of the company arises equal to that deficit; and
 (b) a class C franking debit of the company arises equal to the amount of the class A franking credit multiplied by the conversion factor in subsection (3).

 (3) The conversion factor is: