Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p13
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Character Range: 30342–33126

under section
65 of the Superannuation Guarantee (Administration) Act 1992.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 38
Application of amendment

  38. The amendment made by this Division applies to a contribution made after
the commencement of this section.

Division 9 - Amendments relating to dividend imputation

Subdivision A - Object of Division

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 39
Object of Division

  39. The object of this Division is to make changes to the dividend
imputation system that are consequential on the reduction of the rate of tax
payable by companies from 39% to 33%.

Subdivision B - Amendments of the Principal Act

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 40
Interpretation

  40. Section 160APA of the Principal Act is amended:
  (a) by omitting paragraph (b) of the definition of "applicable general
company tax rate" and substituting the following paragraphs:
  "(b) in relation to the liability of a company to pay class A franking
deficit tax for a franking year-39%;
  (ba) in relation to the liability of a company to pay class B franking
deficit tax for a franking year-33%;
  (bb) in relation to the calculation of the adjusted amount in relation to an
amount mentioned in paragraph 160APYC(a), (b) or (c)-the applicable general
company tax rate in relation to the initial payment of tax concerned;
  (bc) in relation to the calculation of the adjusted amount in relation to
the amount of a payment mentioned in section 160APQA, being a payment that
relates to an offset of company tax, or increased company tax, for a year of
income-the general company tax rate for the year of tax to which the year of
income relates;";
  (b) by omitting paragraph (c) of the definition of "applicable general
company tax rate" and substituting the following paragraphs:
  "(c) in relation to:
    (i) the payment of a class A franked dividend to a shareholder in a
company; or
    (ii) a trust amount or partnership amount that relates, directly or
indirectly, to the payment of a class A franked dividend to a shareholder in a
company;
  39%; or
  (ca) in relation to:
    (i) the payment of a class B franked dividend to a shareholder in a
company; or
    (ii) a trust amount or partnership amount that relates, directly or
indirectly, to the payment of a class B franked dividend to a shareholder in a
company;
  33%;";
  (c) by omitting the definitions of "franking account balance", "franking
deficit" and "franking surplus";
  (d) by omitting the definitions of "estimated debit", "estimated debit
determination", "franking account assessment", "franking deficit tax" and
"franking percentage" and substituting the following definitions:
  " 'estimated debit' means an estimated class