Document ID: chunk:federal_register_of_legislation:C2010C00691:schedule:1:p5
Version: federal_register_of_legislation:C2010C00691
Segment Type: schedule
Provision Reference: sch 1 (pt 5/10)
Character Range: 156865–159452

Income Tax Assessment Act 1936;
  "company" has the same meaning as in Part IIIAA of the Assessment Act;
  "FDT reduction provision" means section 173 of this Act;
  "franking deficit tax" has the same meaning as in Part IIIAA of the
Assessment Act;
  "franking year" has the same meaning as in Part IIIAA of the Assessment
Act;
  "initial payment of tax" has the same meaning as in Division 1B of Part VI
of the Assessment Act;
  "IP offset provision" means section 169 of this Act;
  "paragraph 221AQ(1)(a) notice" means a notice under paragraph 221AQ(1)(a) of
the Assessment Act;
  "relevant entity" has the same meaning as in Division 1B of Part VI of the
Assessment Act.

Division 2 - Deferral of initial payments of tax for 1993-94

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 168
9-week deferral of initial payments of tax for 1993-94

  168.(1) This section applies to a relevant entity if the amount worked out
using the following formula is less than $300,000:
         Initial payment of tax   X   100
                                       85
where:
  "Initial payment of tax" means the amount that, apart from this Part, is the
initial payment of tax payable by the relevant entity in respect of its
taxable income of the 1993-94 year of income.
  (2) Section 221AP of the Assessment Act has, and is taken to have had,
effect as if the reference in that section to 28 July next following that year
of income were a reference to the 28th day of the 3rd month next following the
month in which the last day of that year of income occurs.

Division 3 - Deferred initial payments of tax for 1993-94 to be offset
             by prior payments of franking deficit tax

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 169
Deferred initial payments of tax for 1993-94 to be offset by prior
payments of franking deficit tax

  169.(1) This section applies if:
  (a) a relevant entity has given a paragraph 221AQ(1)(a) notice for the
1993-94 year of income; and
  (b) apart from this section, the relevant entity is liable to make an
initial payment of tax in respect of its taxable income of the year of income
not later than the 28th day of the 3rd month next following the month in which
the last day of that year of income occurs; and
  (c) before the notice was given, the relevant entity paid an amount (the
"FDT amount") in respect of franking deficit tax in respect of the franking
year in which the last day of that year of income occurs.
  (2) If the relevant entity is not a life assurance company and the amount of
the initial payment of tax