Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p27
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becomes part of the insurance funds of the company;
there arises, on the day on which the asset becomes part of the insurance
funds, a class B franking debit of the company equal to the class B franking
credit.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 70
Dividend streaming arrangements

  70. Section 160AQCB of the Principal Act is amended:
  (a) by omitting from subsection (1) all the words after "there arises" and
substituting the following words and paragraphs:
  "on that day:
  (c) a class A franking debit of the debit company equal to the amount worked
out using the following formula, as reduced by the amount (if any) of the
class A franking debit of the company arising under section 160AQB in respect
of the payment of the scheme dividend:
    Scheme dividend  X   Substituted class A franking percentage
where:
  'Scheme dividend' means the amount of the scheme dividend;
  'Substituted class A franking percentage' means the actual or proposed class
A franking percentage, or the greatest actual or proposed class A franking
percentage, of the substituted dividends; and
  (d) a class B franking debit of the debit company equal to the amount worked
out using the following formula, as reduced by the amount (if any) of the
class B franking debit of the company arising under section 160AQB in respect
of the payment of the scheme dividend:
   Scheme dividend  X   Substituted class B franking percentage
where:
  'Scheme dividend' means the amount of the scheme dividend;
  'Substituted class B franking percentage' means the actual or proposed class
B franking percentage, or the greatest actual or proposed class B franking
percentage, of the substituted dividends.";
  (b) by omitting from subsection (2) all the words after "there arises" and
substituting the following words and paragraphs:
  "on that day:
  (c) a class A franking debit of the debit company equal to the actual or
proposed class A franked amount, or the sum of the actual or proposed class A
franked amounts, of the substituted dividends; and
  (d) a class B franking debit of the debit company equal to the actual or
proposed class B franked amount, or the sum of the actual or proposed class B
franked amounts, of the substituted dividends.";
  (c) by omitting from subsection (3) all the words after "there arises" and
substituting the following words and paragraphs:
  "on that day:
  (c) a class A franking debit of the debit company equal to the amount worked
out using the following formula:
     Linked dividend  X   Substituted class A franking percentage
where:
  'Linked dividend' means the amount of the linked dividend;
  'Substituted class A franking percentage' means the actual or proposed class
A franking percentage, or the greatest actual or