Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160apmf
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160APMF
Character Range: 225109–225781

160APMF  Franking credits for applying PAYG rate variation credits to reduce PAYG instalment liabilities

 (1) If, on a particular day, a PAYG rate variation credit of a company is applied to reduce the company's liability for a PAYG instalment in respect of a year of income, there arises on that day a class C franking credit of the company.

 (2) The class C franking credit is equal to the adjusted amount in relation to the amount by which the company's liability for the PAYG instalment is reduced.

 (3) This section does not apply if the company is a life assurance company.

Note: For the treatment of life assurance companies, see sections 160APVJ to 160APVL.