Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p24
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 57818–60362

1994, any of the following events
occurs:
  (a) a company makes a payment of tax, other than an initial
payment under section 221AP of the Principal Act, in respect of
the 1993-94 year of income during the 1993-94 franking year of
the company; or
  (b) a company receives a refund under Division 1B of Part VI
of the Principal Act in respect of an amount to which paragraph
        (a) applies; or
  (c) a company receives a refund of an amount to which
paragraph (a) applies where the refund is covered by section
160APYBA of the Principal Act; or
  (d) the Commissioner applies an amount paid by a company and
the application is covered by section 160APYBA of the Principal
Act in respect of an amount to which paragraph (a) applies; or
  (e) an amendment is made to an assessment of the company tax
payable by a company for the 1993-94 year of income that was
made before the end of the 1993-94 franking year of the
company, other than an amendment where:
    (i) the assessment was made on or before 17 February 1994;
and
    (ii) the amendment effects a reduction in the liability of
the company; or
  (f) an amount is calculated, as a result of an event covered
by a preceding paragraph, using a formula in any of the
following provisions:
    (i) section 160APVBA or 160APVD of the Principal Act;
    (ii) sections 160AQCE to 160AQCK (inclusive) of the
Principal Act;
then in applying Part IIIAA of the Principal Act in relation to
the event, despite paragraphs (a) and (aa) of the definition of
"applicable general company tax rate" in section 160APA of that
Act, a reference to the general company tax rate is, and is
taken to have always been, a reference to 39%.
  (2) If subitem (1) would result in a company having a
franking deficit, or an increased franking deficit, at the end
of the 1993-94 franking year, subitem (1) does not apply in
relation to the company, but:
  (a) the class A franking account balance of the company at
the start of the 1994-95 franking year is taken to be nil; and
  (b) a class A franking debit of the company equal to the
amount of the franking deficit, or the amount of the increase
in the franking deficit, arises on the day when this item
commences.
  (3) In this item:
  "Principal Act" means the Income Tax Assessment Act 1936;
  "1993-94 franking year", in relation to a company, means:
  (a) if a franking year of the company:
    (i) is covered by paragraph (a) or (b) of the definition of
"franking year" in section 160APA of the Principal Act; and
    (ii) begins after 31 December 1992 and