Document ID: chunk:federal_register_of_legislation:C2010C00691:schedule:1:p6
Version: federal_register_of_legislation:C2010C00691
Segment Type: schedule
Provision Reference: sch 1 (pt 6/10)
Character Range: 159241–161746

franking deficit tax in respect of the franking
year in which the last day of that year of income occurs.
  (2) If the relevant entity is not a life assurance company and the amount of
the initial payment of tax does not exceed the FDT amount, the relevant entity
is not liable to pay the initial payment of tax.
  (3) If the relevant entity is not a life assurance company and the amount of
the initial payment of tax exceeds the FDT amount, the initial payment of tax
is taken to be an amount equal to the excess.
  (4) If:
  (a) the relevant entity is a life assurance company; and
  (b) the amount of the initial payment of tax does not exceed the sum of:
    (i) the FDT amount; and
    (ii) the eligible fund component;
the initial payment of tax is taken to be an amount equal to the eligible fund
component.
  (5) If:
  (a) the relevant entity is a life assurance company; and
  (b) the amount of the initial payment of tax exceeds the sum of:
    (i) the FDT amount; and
    (ii) the eligible fund component;
the initial payment of tax is taken to be an amount equal to the amount by
which the initial payment of tax exceeds the FDT amount.
  (6) For the purposes of this section, the eligible fund component of a life
assurance company is so much of the initial payment of tax as is attributable
to so much of the estimated tax as relates to the following components of
taxable income:
  (a) the CS/RA component (within the meaning of Division 8 of Part III of the
Assessment Act);
  (b) the AD/RLA component (within the meaning of Division 8 of Part III of
the Assessment Act);
  (c) the NCS component (within the meaning of Division 8 of Part III of the
Assessment Act).

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 170
IP offset provision to be ignored in calculating certain company tax
thresholds

  170. Despite anything in this Division, a reference in subsection 221AT(3)
or 221AU(5) of the Assessment Act to a particular amount is to be construed as
if the IP offset provision had not been enacted.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 171
Eliminated or reduced initial payments of tax to be treated as fully
paid for credit/refund purposes

  171.(1) If, under the IP offset provision, no initial payment of tax is
payable by a relevant entity, section 221AZF of the Assessment Act has, and is
taken to have had, effect as if that initial payment of tax had been paid by
the relevant entity on the day on which its paragraph 221AQ(1)(a) notice