Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p15
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 35474–38144

a class B franking debit of a life
assurance company arises under subsection 160AQCCA(1) in
relation to:
    (i) an instalment that the company is required to pay under
section 221AZK in respect of a year of income (the 'current
year of income'); or
    (ii) an amount that the company is required to pay under
subsection 221AZR(1) in respect of a year of income (also the
'current year of income');
and
  (b) on or after that day, a notice of an original company tax
assessment for the current year of income is served, or taken
to be served, on the company;
then a class B franking credit of the company equal to the
amount of the class B franking debit arises on the day on which
the notice is served, or taken to be served.".
  34. Before paragraph 160APVH(1)(a):
Insert:
  "(aa) subsection 160AQCCA(1);
  (ab) subsection 160AQCCA(3);".
  35. Paragraph 160APVH(3)(a):
After "paragraph", insert "(aa) or".
  36. After section 160APXA:
Insert:
Refunds of company tax instalment
  "160APY. If a company receives an amount as a refund under
subsection 221AZL(2) or 221AZQ(1), a class B franking debit of
the company equal to the adjusted amount in relation to the
amount received arises on the day on which the company receives
the amount.
Refunds of company tax
  "160APYA. If:
  (a) a company makes a payment covered by section 160APM or
160APMAA; and
  (b) either:
    (i) the company receives an amount as a refund of that
payment (not being a refund covered by section 160APY); or
    (ii) the Commissioner credits the payment under paragraph
221AZM(1)(b) or (c) against a liability of the company; and
  (c) the amount refunded or credited, as the case may be, is
not attributable to a reduction of company tax covered by
section 160APZ;
then a class B franking debit of the company equal to the
adjusted amount in relation to the amount received or credited
arises on the day on which the company receives the refund, or
on the day on which that payment is credited.".
  37. Subparagraph 160APYBB(b)(ii):
After "1B", insert "or 1C".
  38. After section 160AQCC:
Insert:
Life assurance companies - debit reducing section 160APM or
160APMAA credit
  "160AQCCA. (1) If:
  (a) on a particular day, a class B franking credit of a life
assurance company arises:
    (i) under section 160APM in relation to an instalment that
the company is required to pay under section 221AZK in respect
of a year of income (also the 'current year of income'); or
    (ii) under section 160APMAA in relation to an amount that
the company is required to pay under subsection 221AZR(1) in
respect of a year of income (also the 'current year of
income'); and
  (b) a notice of an original