Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p23
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credit of the company equal to the amount of the class B
franking debit.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 58
Life assurance companies-credit reducing subsection 160AQCE(1) debit

  58. Section 160APVG of the Principal Act is amended:
  (a) by inserting "class A" before "franking" (wherever occurring);
  (b) by adding at the end the following subsection:
  "(2) If:
  (a) on a particular day, a class B franking debit of a life assurance
company arises under subsection 160AQCE(1) in relation to a further payment on
account of tax in respect of a year of income; and
  (b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class B franking credit of the company equal to the amount of the class B
franking debit.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 59
Insertion of new section

  59. After section 160APVG of the Principal Act the following section is
inserted in Subdivision B of Division 2 of Part IIIAA:
Life assurance companies-statutory fund component
  "160APVH.(1) If, on a particular day, a class B franking debit of a life
assurance company arises under any of the following provisions:
  (a) subsection 160AQCD(1);
  (b) subsection 160AQCD(3);
  (c) subsection 160AQCE(1);
  (d) subsection 160AQCE(3);
  (e) section 160AQCJ;
  (f) section 160AQCK;
  (g) section 160AQCL;
there arises on that day a class A franking credit of the company equal to the
amount that would have been the amount of that class B franking debit if the
assumptions set out in subsection (2) were made.
  "(2) The assumptions are as follows:
  (a) the assumption that the class B franking debit had been calculated using
a statutory factor of 0.2 instead of 1.0;
  (b) the assumption that the class B franking debit had been calculated by
reference to the special life company tax rate for the year of tax concerned
instead of by reference to the general company tax rate for the year of tax
concerned.
  "(3) If:
  (a) on a particular day, a class A franking debit of a company arises under
subsection 160AQCN(1) because of paragraph (c) of that subsection in relation
to an amount received as a refund in relation to a year of income;  and
  (b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class A franking