Document ID: chunk:federal_register_of_legislation:C2004A00901:clause:3_160aqkad:p4
Version: federal_register_of_legislation:C2004A00901
Segment Type: clause
Provision Reference: sch 3 cl 160AQKAD (pt 4/4)
Character Range: 34059–36202

formula:
where:

amount of the company's liability to pay company tax for the eligible year of income that would normally give rise to franking credits is the amount worked out for the company for that year under section 160AQKAB.

reduced liability to pay company tax means the amount, after the reduction under section 160AQKAC is made, of the company's liability to pay company tax for the eligible year of income (worked out in accordance with the assessment that resulted in the most recent determination).

Franking debit on a refund received after original or amended company tax assessment

 (10) A class C franking debit arises if the company receives a refund of company tax for the eligible year of income:
 (a) in a case where the determination is made under subsection 160AQKAA(1) (a determination made as a result of the original company tax assessment for the eligible year of income)—after the day on which the original company tax assessment is served on the company and before the day on which the first or only amended company tax assessment (if any) is served on the company; and
 (b) in a case where the determination is made under subsection 160AQKAA(3) (a determination made as a result of an amended company tax assessment for the eligible year of income)—after the day on which the amended company tax assessment is served on the company and before the day on which the next amended company tax assessment (if any) is served on the company.

 (11) The class C franking debit arises on the day on which the refund is received and is equal to the adjusted amount of the amount worked out using the following formula:
where:

amount of the company's liability to pay company tax for the eligible year of income that would normally give rise to franking credits is the amount worked out for the company for that year under section 160AQKAB.

reduced liability to pay company tax means the amount, after the reduction under section 160AQKAC is made, of the company's liability to pay company tax for the eligible year of income (worked out in accordance with the assessment that resulted in the most recent determination).