Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160apvm
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160APVM
Character Range: 246665–247284

160APVM  Payment of company tax after assessment

 (1) If:
 (a) on a particular day, a life assurance company pays company tax in respect of a year of income; and
 (b) section 160AQCNCG (transitional provision for early balancing life assurance company for 2000‑01 year of income) does not apply to the payment;
there arises on that day a class C franking credit of the company equal to the adjusted amount in relation to the franking component of the amount paid.

 (2) The franking component of the amount paid is so much of the amount paid as is attributable to shareholders' funds income for that year of income.