Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p14
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 32907–35707

tax           company tax      )
                             (  Preceding year's company tax  )
where:
  'Statutory factor' means 1.0;
Note: Statutory factor is used and modified in section 160AQCN.
  'Preceding year's company tax' means the company tax assessed
to the company for the year of income (the 'preceding year of
income') that immediately preceded the current year of income;
  'Non-fund component of preceding year's company tax' means so
much of the company tax assessed to the company for the
preceding year of income as is attributable to the non-fund
component.
  "(3) If:
  (a) on a particular day, a class B franking debit of a life
assurance company arises:

    (i) under section 160APY in relation to a refund received
by the company in respect of an instalment for a year of income
(the 'current year of income'); or
    (ii) under section 160APYA in relation to a refund received
by the company, or an amount credited against a liability of
the company, in respect of an instalment for a year of income
(also the 'current year of income'); and
  (b) either:
    (i) before that day, a notice of an original company tax
assessment for the current year of income has been served, or
is taken to have been served, on the company; or
    (ii) on or after that day, a notice of an original company
tax assessment for the current year of income is served, or
taken to be served, on the company;
then a class B franking credit of the company worked out under
subsection (4) of this section arises on the later of the
particular day and the day on which the notice is served or
taken to be served.
  "(4) The amount of the franking credit is equal to the
adjusted amount in relation to the amount calculated using the
formula:
    Statutory  x  Amount    x  ( Current  -  Non-fund       )
    factor        refunded     ( year's      component of   )
                  or           ( company     current year's )
                  credited     ( tax         company tax    )
                               ( Current year's company tax )
where:
  'Statutory factor' means 1.0;
Note: Statutory factor is used and modified in section 160AQCN.
  'Current year's company tax' means the company tax assessed
to the company for the current year of income;
  'Non-fund component of current year's company tax' means so
much of the company tax assessed to the company for the current
year of income as is attributable to the non-fund component.
Life assurance companies-credit reversing subsection
160AQCCA(1) debit
  "160APVB. If:
  (a) on a particular day, a class B franking debit of a life
assurance company arises under subsection 160AQCCA(1) in
relation to:
    (i) an instalment that the company is required to pay under
section 221AZK in respect of a year of income (the 'current
year