Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160aqcncb
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160AQCNCB
Character Range: 251500–252224

160AQCNCB  Reversing section 160APVJ franking credits on assessment

  If:
 (a) a class C franking credit of a life assurance company arises under section 160APVJ because of:
 (i) a payment by the company of an amount in respect of a PAYG instalment in respect of the year of income; or
 (ii) the application of a PAYG rate variation credit in respect of a PAYG instalment in respect of the year of income; and
 (b) the company's company tax in respect of the year of income is assessed on a day (the assessment day) that occurs on or after the day on which the class C franking credit arises;
there arises on the assessment day, a class C franking debit of the company equal to the amount of the class C franking credit.