Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p17
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 17/21)
Character Range: 389852–392532

amounts overpaid
  Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if references in that section to tax included references to franking deficit tax.

214‑120  Record keeping
  Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if:
 (a) the reference in that section to a person carrying on a business were a reference to a corporate tax entity; and
 (b) the reference in paragraph (2)(a) of that section to the person's income and expenditure were a reference to:
 (i) the entity's franking account balance; and
 (ii) the entity's liability to pay franking tax; and
 (c) paragraph (5)(a) of that section were omitted.

214‑125  Power of Commissioner to obtain information
  Section 264 of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if the reference in paragraph (1)(b) of that section to a person's income or assessment were a reference to a matter relevant to the administration or operation of this Division.

214‑135  Interpretation
  If an expression is defined in this Division, it has the meaning given in that definition, and not the meaning given in the Income Tax Assessment Act 1997.

Division 219—Imputation for life insurance companies

Table of sections
219‑40 Reversing and replacing (on tax paid basis) certain franking credits that arose before 1 July 2002
219‑45 Reversing (on tax paid basis) certain franking debits that arose before 1 July 2002

219‑40  Reversing and replacing (on tax paid basis) certain franking credits that arose before 1 July 2002
 (1) This section applies if:
 (a) a franking credit arose before 1 July 2002 in the franking account of a life insurance company under former section 160APVJ of the Income Tax Assessment Act 1936 in relation to a PAYG instalment in respect of an income year; and
 (b) the company's assessment day (the assessment day) for that income year occurs on or after 1 July 2002; and
 (c) the company has a franking account (the new franking account) under section 205‑10 of the Income Tax Assessment Act 1997.
 (2) A franking debit of the amount worked out in accordance with the following formula is taken to have arisen in the new franking account on the assessment day:

where:
amount of the 1936 Act credit means the amount of the franking credit mentioned in paragraph (1)(a).
 (3) On the assessment day, a franking credit of the amount mentioned in item 2 of the table in section 219‑15 of the Income Tax Assessment Act 1997 arises in the new franking account in relation to a payment of the PAYG instalment mentioned in paragraph (1)(a) of this section that was made before 1