Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160aqcncj
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160AQCNCJ
Character Range: 277247–278322

160AQCNCJ  Early balancing life assurance company (special timing rule for deficit tax, deficit deferral tax and franking additional tax for 2000‑01 year of income)

 (1) If:
 (a) a franking credit or debit of a life assurance company arises on the day on which the company's company tax in respect of the 2000‑01 year of income is assessed; and
 (b) the credit or debit arises in relation to an amount paid by the company, or the application of an amount of a PAYG rate variation credit, in respect of a PAYG instalment; and
 (c) the amount was paid or applied during the 2000‑01 year of income; and
 (d) the year of income starts before 1 July 2000;
the debit or credit is taken to have arisen on the last day of the 2000‑01 year of income for the purposes of the deficit tax, deficit deferral tax and franking additional tax provisions.

 (2) The deficit tax, deficit deferral tax and franking additional tax provisions are:
 (a) Subdivision B of Division 5 of this Part; and
 (b) Subdivision BA of Division 5 of this Part; and
 (c) sections 160ARX, 160ARYA and 160ARYL.