Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p13
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 30405–33198

company;".
  31. After section 160APL:
Insert:
Payment of company tax instalment
  "160APM. If a company tax instalment payable by a company
under section 221AZK is paid on a particular day, a class B
franking credit of the company equal to the adjusted amount in
relation to the amount paid arises on that day.
Payment of additional amount on upwards estimate
  "160APMAA. If an amount payable by a company under subsection
221AZR(1) is paid on a particular day, a class B franking
credit of the company equal to the adjusted amount in relation
to the amount paid arises on that day.
Deficit deferral amount
Class A deficit deferral amount
  "160APMAB. (1) If a company receives a refund in relation to
which a class A deficit deferral amount arises (see subsection
160AQJA(2)) on a particular day, a class A franking credit of
the company equal to the adjusted amount in relation to the
class A deficit deferral tax payable in relation to the refund
(see subsection 160AQJA(3)) arises on that day.
Class B deficit deferral amount
  "(2) If a company receives a refund in relation to which a
class B deficit deferral amount arises (see subsection
160AQJB(2)) on a particular day, a class B franking credit of
the company equal to the adjusted amount in relation to the
class B deficit deferral tax payable in relation to the refund
(see subsection 160AQJB(3)) arises on that day.".
  32. Paragraph 160APMD(b):
After "section" insert "160APM, 160APMAA,".
  33. After section 160APV:
Insert:
Life assurance companies - credit reducing section 160APY or
160APYA debit
  "160APVA. (1) If:
  (a) on a particular day, a class B franking debit of a life
assurance company arises 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'); and
  (b) a notice of an original company tax assessment for the
current year of income has not been served, or been taken to
have been served, on the company on or before that day;
then a class B franking credit of the company worked out under
subsection (2) of this section arises on that day.
  "(2) The amount of the franking credit is equal to the
adjusted amount in relation to the amount calculated for the
current year of income using the formula:
    Statutory  x  Amount  x  ( Preceding  -  Non-fund         )
    factor        refunded   ( year's        component of     )
                             ( company       preceding year's )
                             ( 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