Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160apvn
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160APVN
Character Range: 247284–247873

160APVN  Reversing subsection 160AQCNCE(1) franking debit on assessment

  If:
 (a) a class C franking debit of a life assurance company arises under subsection 160AQCNCE(1) because a company becomes entitled to a PAYG rate variation credit in respect of a year of income; and
 (b) the company's company tax in respect of the year of income is assessed on a day (the assessment day) that occurs on or after the day on which the class C franking debit arises;
there arises on the assessment day, a class C franking credit of the company equal to the amount of the class C franking debit.