Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160apvk
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160APVK
Character Range: 244919–245888

160APVK  Franking credit on assessment for earlier PAYG instalment payment

 (1) If:
 (a) a class C franking credit of a life assurance company arises under section 160APVJ in relation to a payment of a PAYG instalment in respect of a year of income; and
 (b) the company's company tax in respect of the year of income is assessed on a day (the assessment day) that occurs on or after the day on which the class C franking credit arises; and
 (c) section 160AQCNCG (transitional provision for early balancing life assurance company for 2000‑01 year of income) does not apply to the class C franking credit;
there arises on the assessment day a class C franking credit of the company equal to the adjusted amount in relation to the final franking component of the amount paid or applied.

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