Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_62
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 62
Character Range: 241226–242105

62  Subsection 160APQ(3)
Repeal the subsection, substitute:

 (3) If:
 (a) the company is a life assurance company; and
 (b) the assets of the life assurance company to which the trust amount or partnership amount is attributable were included in the insurance funds of the life assurance company at any time during the period that:
 (i) starts at the beginning of the year of income of the life assurance company in which the franking credit would arise but for this subsection; and
 (ii) ends at the time when the franking credit would arise but for this subsection;
no franking credit arises under subsection (1), (1A) or (2) in relation to the trust amount or partnership amount unless at all times when those assets were included in the insurance funds of the life assurance company during that period they were held on behalf of the life assurance company's shareholders.