Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p16
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 37920–40670

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 company tax assessment for the
current year of income has not been served, or been taken to
have been served, on the company on or before that day;
then a class B franking debit of the company worked out under
subsection (2) of this section arises on that day.
  "(2) The amount of the franking debit is equal to the
adjusted amount in relation to the amount calculated for the
current year of income using the formula:
    Statutory  x  Amount  x  ( Preceding  -  Non-fund         )
    factor        paid       ( year's        component of     )
                             ( company       preceding year's )
                             ( tax           company tax      )
                             (  Preceding year's company tax  )
where:
  'Statutory factor' means 1.0;
Note: Statutory factor is used and modified in section 160APVH.
  'Preceding year's company tax' means the company tax assessed
to the company for the year of income (the 'preceding year of
income') that immediately preceded the current year of income;
  'Non-fund component of preceding year's company tax' means so
much of the company tax assessed to the company for the
preceding year of income as is attributable to the non-fund
component.
  "(3) If:
  (a) on a particular day, a class B franking credit of a life
assurance company arises under:
    (i) section 160APM in relation to 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) 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) either:
    (i) before that day, a notice of an original company tax
assessment for the current year of income has been served, or
is taken to have been served, on the company; or
    (ii) 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 debit of the company worked out under
subsection (4) of this section arises on the later of the
particular day and the day on which the notice is served or
taken to be served.
  "(4) The amount of the franking debit is equal to the
adjusted amount in relation to the amount calculated using the
formula:
    Statutory  x  Amount    x  ( Current  -  Non-fund       )
    factor        paid         ( year's      component of   )
                               (