Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p37
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 89576–92405

the shareholder of the year of income includes the
amount worked out using the formula:
        Franked amount   X   Company tax rate
                           1 - Company tax rate
where:
  'Franked amount' means the class B franked amount of the dividend;
  'Company tax rate' means the applicable general company tax rate.";
  (d) by inserting in paragraph (1A)(a) "class A" before "franked";
  (e) by inserting "class A" before "franked" in the definition of the
component "FA" in subsection (1A);
  (f) by inserting after subsection (1A) the following subsection:
  "(1B) If:
  (a) a class B franked dividend is paid in a year of income to a shareholder
in a company; and
  (b) the shareholder is a life assurance company; and
  (c) the dividend is not exempt income of the shareholder; and
  (d) the dividend was not paid as part of a dividend stripping operation;
and
  (e) the assets of the shareholder from which the dividend was derived were
included in insurance funds of the shareholder at any time during the period:
    (i) starting at the beginning of the year of income of the
shareholder in which the dividend was paid; and
    (ii) ending at the time the dividend was paid;
the assessable income of the shareholder of the year of income includes the
amount worked out using the formula:
         Franked amount   X    Company tax rate
                             1 - Company tax rate
where:
  'Franked amount' means the class B franked amount of the dividend;
  'Company tax rate' means the applicable general company tax rate.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 88
Franking rebate for certain beneficiaries

  88. Section 160AQX of the Principal Act is amended:
  (a) by omitting paragraph (c) and substituting the following paragraph:
  "(c) there is either or both of the following:
    (i) a class A flow-on franking amount in relation to the trust
amount;
    (ii) a class B flow-on franking amount in relation to the trust
amount;";
  (b) by omitting all the words after "equal to" and substituting the
following words and paragraphs:
  "whichever of the following is applicable:
  (d) if only subparagraph (c)(i) applies-the class A potential rebate amount
in relation to the trust amount;
  (e) if only subparagraph (c)(ii) applies-the class B potential rebate amount
in relation to the trust amount;
  (f) if both subparagraphs (c)(i) and (ii) apply-the sum of:
    (i) the class A potential rebate amount in relation to the trust
amount; and
    (ii) the class B potential rebate amount in relation to the trust
amount.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 89
Franking rebate in trustee's assessment

  89. Section 160AQY of the Principal Act is amended:
  (a) by omitting paragraph (b) and substituting the following paragraph:
  "(b) there is