Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p46
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 111972–114543

the beginning of the company's 1994-95 franking year a class A
franking credit of the company equal to that franking surplus.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 111
Transitional-receipt of class A franked dividends or class B franked
dividends etc. by a corporate shareholder before the start of the
shareholder's 1994-95 franking year

  111.(1) Subject to subsection (3), if:
  (a) a class A franked dividend or a class B franked dividend is paid to a
shareholder being a company; and
  (b) the dividend is paid on a day (the "actual payment day") during:
    (i) the period beginning on 1 January 1994 and ending on 30 June
1994; and
    (ii) a franking year of the shareholder earlier than the
shareholder's 1994-95 franking year; and
  (c) assuming that the amendments of Divisions 1 and  2 of Part IIIAA of the
Principal Act made by this Division had applied in relation to franking
credits of the shareholder arising in that earlier franking year, there would
have arisen on the actual payment day a class A franking credit or a class B
franking credit of the shareholder under section 160APP of the amended Act in
respect of the payment of the dividend;
then:
  (d) in the case of a class A franked dividend-Part IIIAA of the Principal
Act applies as if the class A franked dividend were a franked dividend; and
  (e) in the case of a class B franked dividend-Part IIIAA of the amended Act
applies as if the class B franking credit arises at the beginning of the
shareholder's 1994-95 franking year instead of on the actual payment day.
  (2) Subject to subsection (3), 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) assuming that the amendments of Divisions 1 and  2 of Part IIIAA of the
Principal Act made by this Division had applied in relation to franking
credits of the company arising in a franking year of the company earlier than
the company's 1994-95 franking year, there would have arisen at a particular
time (the "actual credit time") during:
    (i) the period beginning on 1 January 1994 and ending on 30 June
1994; and
    (ii) that earlier franking year;
a class A franking credit, or a class B franking credit, of the company under
section 160APQ of the amended Act in respect of the trust amount or
partnership amount, as the case may be;
then:
  (c) in the case of a class A franking credit-Part IIIAA of the Principal Act
applies as if the class A franked amount of the dividend to which the trust