Document ID: chunk:federal_register_of_legislation:C2004A00901:clause:3_160aqkab:p1
Version: federal_register_of_legislation:C2004A00901
Segment Type: clause
Provision Reference: sch 3 cl 160AQKAB (pt 1/2)
Character Range: 22643–25103

160AQKAB  Amount of a life assurance company's liability to pay company tax that would normally give rise to franking credits

Years of income ending before 1 July 2000

 (1) If an eligible year of income of a life assurance company ends before 1 July 2000, the amount of the company's liability to pay company tax for that year that would normally give rise to franking credits is the amount of the company's liability to pay company tax for that year, reduced by the sum of the following:
 (a) the amount of the company tax that is attributable to the RSA component of the taxable income of the company for the year of income;
 (b) 80% of the amount of the company tax that is not attributable to the general fund component of the taxable income of the company for the year of income.

1999‑2000 year of income ending on or after 1 July 2000

 (2) If the 1999‑2000 year of income of a life assurance company ends on or after 1 July 2000, the amount of the company's liability to pay company tax for that year that would normally give rise to franking credits is the amount of the company's liability to pay company tax for that year, reduced by the sum of the following:
 (a) the amount of the company tax that is attributable to income earned before 1 July 2000 and also attributable to the RSA component of the taxable income of the company for the year of income;
 (b) 80% of the amount of the company tax that is attributable to income earned before 1 July 2000 and is not attributable to the general fund component of the taxable income of the company for the year of income;
 (c) the amount of the company tax that is attributable to income earned on or after 1 July 2000 and is not attributable to shareholders' funds income.

2000‑01 year of income begins before 1 July 2000

 (3) If the 2000‑01 year of income of a life assurance company begins before 1 July 2000, the amount of the company's liability to pay company tax for that year that would normally give rise to franking credits is the amount of the company's liability to pay company tax for that year, reduced by the sum of the following:
 (a) the amount of the company tax that is attributable to income earned before 1 July 2000 and also attributable to the RSA component of the taxable income of the company for the year of income;
 (b) 80% of the amount of the company tax that is attributable to income earned before 1 July 2000 and is not attributable to the general fund component