Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p22
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 52678–55427

words and paragraphs:
  "whichever of the following is applicable:
  (c) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking credit of the company worked out under subsection
(4) of this section;
  (d) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking credit of the company worked out under subsection
(4) of this section.";
  (e) by omitting from subsection (4) "0.8" and substituting "Statutory
factor";
  (f) by inserting the following definition in subsection (4) (before the
existing definitions):
  " 'Statutory factor' means:
  (a) in the case of a class A franking credit-0.8; or
  (b) in the case of a class B franking credit-1.0;".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 56
Life assurance companies-credit reducing section 160APZ debit

  56. Section 160APVD of the Principal Act is amended:
  (a) by inserting "class A" before "franking" (wherever occurring);
  (b) by adding at the end the following subsection:
  "(2) If, on a particular day, a class B franking debit of a life assurance
company arises under section 160APZ in relation to a reduction in the company
tax of the company for a year of income, there arises on that day a class B
franking credit of the company equal to the adjusted amount in relation to the
amount worked out using the formula:
       Statutory  X  Overall reduction  -  Non-fund component
         factor                               of reduction
where:
  'Statutory factor' means 1.0;
  'Overall reduction' means the amount of the reduction;
  'Non-fund component of reduction' means so much of the amount of the
reduction as is attributable to the non-fund component.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 57
Life assurance companies-credit reducing subsection 160AQCD(1) debit

  57. Section 160APVF of the Principal Act is amended:
  (a) by inserting "class A" before "franking" (wherever occurring);
  (b) by adding at the end the following subsection:
  "(2) If:
  (a) on a particular day, a class B franking debit of a life assurance
company arises under subsection 160AQCD(1) in relation to an initial payment
of tax in respect of a year of income; and
  (b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class B franking credit of the company equal to the amount of the class B
franking debit.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 58
Life assurance companies-credit reducing subsection 160AQCE(1) debit

  58. Section 160APVG of the Principal Act