Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p35
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 84486–87257

current dividend that the
current dividend is a class B franked dividend to the extent of a percentage
(not exceeding 100%) specified in the declaration;
the current dividend is taken to have been class B franked to the extent of
the amount worked out using the formula:
          Current dividend  X  Specified percentage
where:
  'Current dividend' means the amount of the current dividend;
  'Specified percentage' means the percentage specified in the declaration in
relation to the dividend.
  "(1AB) Despite subsections (1) and (1AA), a dividend is taken not to have
been class A franked or class B franked if the sum of:
  (a) the class A franked amount of the dividend; and
  (b) the class B franked amount of the dividend;
exceeds the amount of the dividend.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 84
Company to give dividend statement to shareholders

  84. Section 160AQH of the Principal Act is amended by omitting paragraph (b)
and substituting the following paragraph:
  "(b) if the dividend is a franked dividend:
    (i) the class A franked amount of the dividend or the class B
franked amount of the dividend, or both; and
    (ii) the amount of the dividend, reduced by the class A franked
amount of the dividend and the class B franked amount of the dividend; and
    (iii) if the dividend is a class A franked dividend-the amount
worked out in relation to the dividend using the formula in subsection
160AQT(1) (whether or not that subsection applies to the dividend); and
    (iv) if the dividend is a class B franked dividend-the amount worked
out in relation to the dividend using the formula in subsection 160AQT(1AA)
(whether or not that subsection applies to the dividend); and
    (v) the sum of the amounts mentioned in subparagraphs (iii) and
        (iv); and
    (vi) any amount deducted from the dividend under section 221YL;
and".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 85
Liability to franking deficit tax

  85. Section 160AQJ of the Principal Act is amended:
  (a) by inserting in subsection (1) "class A" before "franking deficit"
(wherever occurring);
  (b) by inserting after subsection (1) the following subsection:
  "(1A) If a company has a class B franking deficit at the end of a franking
year, the company is liable to pay tax equal to the amount worked out using
the formula:
        Franking deficit   X   Company tax rate
                             1 - Company tax rate
where:
  'Franking deficit' means the amount of the class B franking deficit;
  'Company tax rate' means the applicable general company tax rate.";
  (c) by inserting in subsection (2) "or (1A), or both," after "(1)" (first
occurring);
  (d) by inserting in paragraphs (2)(c), (d), (e) and (f) "or (1A),