Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p16
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
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Character Range: 38068–40764

reference in that definition to a flow-on franking amount were, by
express provision, confined to a class B flow-on franking amount; and
  (c) each reference in that definition to a potential rebate amount were, by
express provision, confined to a class B potential rebate amount;
  'estimated class A debit' means an estimated class A debit specified in an
estimated class A debit determination;
  'estimated class B debit' means an estimated class B debit specified in an
estimated class B debit determination;
  'estimated class A debit determination' means a determination made by the
Commissioner under subsection 160AQD(1);
  'estimated class B debit determination' means a determination made by the
Commissioner under subsection 160AQDA(1);
  'special life company tax rate' means the rate of tax specified in paragraph
23(4A)(b) of the Income Tax Rates Act 1986;";
  (f) by inserting the following definitions:
  " 'franking credit' means a class A franking credit or a class B franking
credit;
  'franking debit' means a class A franking debit or a class B franking
debit;".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 41
Ascertainment of surplus or deficit

  41. Section 160APJ of the Principal Act is amended:
  (a) by inserting in subsection (1) "class A" before "franking" (first, 3rd
and 5th occurring);
  (b) by inserting after subsection (1) the following subsection:
  "(1A) The class B franking surplus of a company at a particular time in a
franking year is the amount by which the total of the class B franking credits
of the company arising in the franking year and before that time exceeds the
total of the class B franking debits of the company arising in the franking
year and before that time.";
  (c) by inserting in subsection (2) "class A" before "franking" (first, 3rd
and 5th occurring);
  (d) by adding at the end the following subsection:
  "(3) The class B franking deficit of a company at a particular time in a
franking year is the amount by which the total of the class B franking debits
of the company arising in the franking year and before that time exceeds the
total of the class B franking credits of the company arising in the franking
year and before that time.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 42
Carry forward of franking surplus

  42. Section 160APL of the Principal Act is amended:
  (a) by inserting "class A" before "franking" (first, 4th and 5th
occurring);
  (b) by adding at the end the following subsection:
  "(2) If a company has a class B franking surplus at the end of a franking
year, there arises at the beginning of the next franking year a class B
franking credit of the company equal