Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_69
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 69
Character Range: 248913–249805

69  Subsection 160AQCA(3)
Repeal the subsection, substitute:

 (3) If:
 (a) a class C franking credit of a life assurance company arises under section 160APP or 160APQ at a particular time (the crediting time) during a year of income of the company; and
 (b) at any time after the crediting time and during the year of income:
 (i) if section 160APP applied—the asset of the company from which the dividend referred to in subsection (1B) of that section was derived; or
 (ii) if section 160APQ applied—the asset of the company to which the trust amount or partnership amount referred to in subsection (2) of that section is attributable;
  is both part of the insurance funds of the company and not held on behalf of the company's shareholders;
a class C franking debit of the company equal to the class C franking credit arises on the first day on which paragraph (b) applies to the asset.