Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:3_160apvl
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 3 cl 160APVL
Character Range: 245888–246665

160APVL  PAYG instalment payment after assessment

 (1) If:
 (a) on a particular day a life assurance company pays a PAYG instalment in respect of a year of income; and
 (b) the company's company tax in respect of the year of income has been assessed before that day; and
 (c) section 160AQCNCG (transitional provision for early balancing life assurance company for 2000‑01 year of income) does not apply to the amount paid or applied;
there arises on that day, a class C franking credit of the company equal to the adjusted amount in relation to the franking component of the amount paid or applied.

 (2) The franking component of the amount paid or applied is so much of the amount paid or applied as is attributable to shareholders' funds income for that year of income.