Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p40
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 97311–100011

amended:
  (a) by inserting in paragraph (1)(b) "class A" before "franking credit";
  (b) by inserting in subsection (1) "class A" before "potential rebate
amount";
  (c) by inserting after subsection (1) the following subsection:
  "(1A) If:
  (a) a trust amount is included in the assessable income of a company of a
year of income; and
  (b) a class B franking credit arises under section 160APQ in relation to the
trust amount;
an amount equal to so much of the class B potential rebate amount in relation
to the trust amount as does not exceed the trust amount is allowable as a
deduction from the assessable income of the company of the year of income.";
  (d) by inserting in paragraph (2)(b) "class A" before "franking credit";
  (e) by inserting in subsection (2) "class A" before "potential rebate
amount";
  (f) by adding at the end the following subsection:
  "(3) If:
  (a) a partnership amount is included in, or allowable as a deduction from,
the assessable income of a company of a year of income; and
  (b) a class B franking credit arises under section 160APQ in relation to the
partnership amount;
the class B potential rebate amount in relation to the partnership amount is
allowable as a deduction from the assessable income of the company of the year
of income.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 94
Adjustment for non-resident beneficiary

  94. Section 160ARA of the Principal Act is amended by omitting from
paragraph (e) "potential rebate amount" and substituting "sum of the class A
potential rebate amount and the class B potential rebate amount".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 95
Adjustment where trustee assessed for non-resident beneficiary

  95. Section 160ARB of the Principal Act is amended by omitting "potential
rebate amount" and substituting "sum of the class A potential rebate amount
and the class B potential rebate amount".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 96
Adjustment where trustee assessed for company

  96. Section 160ARC of the Principal Act is amended:
  (a) by inserting in paragraph (b) "class A" before "flow-on franking
amount";
  (b) by inserting "class A" before "potential rebate amount";
  (c) by adding at the end the following subsection:
  "(2) If:
  (a) a trustee is liable to be assessed under subsection 98(3) on a trust
amount; and
  (b) there is a class B flow-on franking amount in relation to the trust
amount;
the trust amount is to be reduced by so much of the class B potential rebate
amount in relation to the trust amount as does not exceed the trust amount.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 97
Adjustment