Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p19
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 45215–47968

and substituting "whichever of subsections (1) and (1A) is
applicable";
  (g) by inserting in subsection (5) "arising under subsection (1) or (1A)"
after "franking credit".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 48
Receipt of franked dividends through trusts and partnerships

  48. Section 160APQ of the Principal Act is amended:
  (a) by inserting in paragraph (1)(b) "class A" before "flow-on franking
amount";
  (b) by inserting in subsection (1) "class A" before "franking credit";
  (c) by inserting "class A" before "potential rebate amount" in the
definition of the component "PR" in subsection (1);
  (d) by inserting after subsection (1) the following subsection:
  "(1A) Subject to this section, if:
  (a) a trust amount or partnership amount is included in, or a partnership
amount is allowed as a deduction from, the assessable income of a company;
and
  (b) there is a class B flow-on franking amount in relation to the trust
amount or the partnership amount;
there arises, at the end of the year of income of the trustee or partnership
to which the trust amount or partnership amount relates, a class B franking
credit of the company equal to the amount worked out using the formula:
        Potential rebate amount  X  1 - Company tax rate
                                      Company tax rate
where:
  'Potential rebate amount' means the class B potential rebate amount in
relation to the trust amount or partnership amount;
  'Company tax rate' means the applicable general company tax rate.";
  (e) by inserting in subsection (3) "arising under subsection (1) or (1A)"
after "franking credit" (first occurring).

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 49
Payment of excess offset

  49. Section 160APQA of the Principal Act is amended by omitting all the
words after "on that day" and substituting the following words and
paragraphs:
  "whichever of the following is applicable:
  (c) if the offset relates to company tax for the 1992-93 year of income or
an earlier year of income-a class A franking credit of the company equal to
the adjusted amount in relation to the amount of the payment;
  (d) if the offset relates to company tax for the 1993-94 year of income or a
later year of income-a class B franking credit of the company equal to the
adjusted amount in relation to the amount of the payment.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 50
Payment of excess foreign tax credit

  50. Section 160APQB of the Principal Act is amended by omitting all the
words after "on that day" and substituting the following words and
paragraphs:
  "whichever of the following is applicable:
  (c) if the year of income is the 1992-93 year of income or an earlier year
of