Document ID: chunk:federal_register_of_legislation:C2004A00986:clause:1_160aub
Version: federal_register_of_legislation:C2004A00986
Segment Type: clause
Provision Reference: sch 1 cl 160AUB
Character Range: 27108–28432

160AUB  Conversion of balance of class C franking account to reflect the new company tax rate

 (1) If a company has a class C franking surplus at the start of 1 July 2001:
 (a) a class C franking debit of the company arises equal to that surplus; and
 (b) a class C franking credit of the company arises equal to the amount of that debit multiplied by the conversion factor in subsection (5).

 (2) If a PDF has a venture capital sub‑account surplus at the start of 1 July 2001:
 (a) a venture capital debit of the PDF arises equal to that surplus; and
 (b) a venture capital credit of the PDF arises equal to the amount of that debit multiplied by the conversion factor in subsection (5).

 (3) If a company has a class C franking deficit at the start of 1 July 2001:
 (a) a class C franking credit of the company arises equal to that deficit; and
 (b) a class C franking debit of the company arises equal to the amount of that credit multiplied by the conversion factor in subsection (5).

 (4) If a PDF has a venture capital sub‑account deficit at the start of 1 July 2001:
 (a) a venture capital credit of the PDF arises equal to that deficit; and
 (b) a venture capital debit of the PDF arises equal to the amount of that credit multiplied by the conversion factor in subsection (5).

 (5) The conversion factor is: