Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p41
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 99798–102453

is to be reduced by so much of the class B potential rebate
amount in relation to the trust amount as does not exceed the trust amount.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 97
Adjustment for non-resident partner

  97. Section 160ARD of the Principal Act is amended by omitting "potential
rebate amount" and substituting "sum of the class A potential rebate amount
and the class B potential rebate amount".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 98
First return deemed to be an assessment

  98. Section 160ARH of the Principal Act is amended:
  (a) by inserting "class A" before "franking account" (wherever occurring);
  (b) by inserting in subparagraph (c)(ii) "class A" before "franking deficit
tax";
  (c) by adding at the end the following subsection:
  "(2) If:
  (a) at a particular time (the 'return time'), a return (the 'first return')
under this Part in relation to a company in relation to a franking year is
lodged; and
  (b) before the return time, no return has been lodged, and no class B
franking account assessment has been made, in relation to the company in
relation to the franking year; the following provisions have effect:
  (c) the Commissioner is taken at the return time to have made an assessment
(the 'deemed assessment') of:
    (i) the class B franking account balance of the company for the
franking year; and
    (ii) any class B franking deficit tax payable by the company for the
franking year;
being those respective amounts as specified in the first return;
  (d) the first return is taken to be a notice of the deemed assessment and to
be signed by the Commissioner;
  (e) the notice referred to in paragraph (d) is taken to have been served on
the company at the return time.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 99
Part-year assessment

  99. Section 160ARJ of the Principal Act is amended:
  (a) by inserting in subsection (1) "class A" before "franking" (first, 3rd
and 4th occurring);
  (b) by inserting after subsection (1) the following subsection:
  "(1A) The Commissioner may at any time make an assessment of the class B
franking account balance of a company at a particular time during a franking
year and, if the company has a class B franking deficit at that time, of the
class B franking deficit tax payable by the company.";
  (c) by inserting in subsection (2) "or (1A)" after "(1)".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 100
Default assessment

  100. Section 160ARK of the Principal Act is amended:
  (a) by inserting "class A" before "franking" (2nd and 4th occurring);
  (b) by adding at the end