Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p43
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 104709–107264

the amount (if any) by which the company's class A statement
franking tax for that year at the time at which it was lowest is less than the
company's class A proper franking tax for that year;
  'class A proper franking tax', in relation to a company and a franking year,
means the class A franking deficit tax properly payable by the company in
respect of that year;
  'class A statement franking tax', in relation to a company, a franking year
and a time, means the class A franking deficit tax that would have been
payable by the company in respect of that year if the tax were assessed at
that time taking into account taxation statements by the company;
  'class B franking tax shortfall', in relation to a company and a franking
year, means the amount (if any) by which the company's class B statement
franking tax for that year at the time at which it was lowest is less than the
company's class B proper franking tax for that year;
  'class B proper franking tax', in relation to a company and a franking year,
means the class B franking deficit tax properly payable by the company in
respect of that year;
  'class B statement franking tax', in relation to a company, a franking year
and a time, means the class B franking deficit tax that would have been
payable by the company in respect of that year if the tax were assessed at
that time taking into account taxation statements by the company;".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 103
Penalty for over-franking

  103. Section 160ARX of the Principal Act is amended:
  (a) by inserting "class A" before "franking deficit" (wherever occurring);
  (b) by inserting "class A" before "franking credits";
  (c) by inserting "class A" before "franked amount of";
  (d) by inserting "class A" before "required franking amount";
  (e) by adding at the end the following subsection:
  "(2) If:
  (a) the class B franking deficit of a company at the end of a franking year
is more than 10% of the total of the class B franking credits arising during
the franking year; and
  (b) the class B franked amount of a dividend paid during the franking year
to a shareholder in the company exceeded the class B required franking amount
for that dividend;
the company is liable to pay, by way of penalty, additional tax equal to 30%
of the class B franking deficit tax payable by the company for the franking
year.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 104
Penalty for failure to lodge return

  104. Section 160ARZ of the Principal Act is amended by omitting