Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_21
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 21
Character Range: 227901–228753

21  After subsection 160AQJC(1)
Insert:

 (1A) If:
 (a) during a franking year (the first franking year) a company pays one or more PAYG instalments in respect of a year of income; and
 (b) at a particular time during the next franking year (the second franking year), a PAYG rate variation credit for the company arises in relation to the instalment or one or more of the instalments; and
 (c) the company would have had a class C franking deficit, or an increased class C franking deficit, at the end of the first franking year assuming that the PAYG rate variation credit, together with any previous PAYG rate variation credit in respect of the year of income, had arisen on the last day of the first franking year;
a class C deficit deferral amount (defined in subsection (2)) arises in relation to the company and the PAYG rate variation credit.