Document ID: chunk:federal_register_of_legislation:C2004A05165:clause:1_33w
Version: federal_register_of_legislation:C2004A05165
Segment Type: clause
Provision Reference: sch 1 cl 33W
Character Range: 30835–31373

33W  Adjustment of class C franking account balances

 (1) If a company ceases to be a wholly-owned subsidiary of the Corporation, there arises, on the day of the cessation, a class C franking debit of the company.

 (2) The amount of the franking debit is equal to the class C franking surplus of the company immediately before the cessation.

 (3) In this section:

class C franking surplus, in relation to a company, has the same meaning as in Part IIIAA of the Income Tax Assessment Act 1936.

Division 8—Exemption from stamp duty