Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p31
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
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Character Range: 74807–77504

franking debit-0.8; or
  (b) in the case of a class B franking debit-1.0;".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 76
Life assurance companies-debit reducing section 160APQB credit

  76. Section 160AQCL of the Principal Act is amended:
  (a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:
  "whichever of the following is applicable:
  (a) if the year of income is the 1992-93 year of income or an earlier year
of income-a class A franking debit of the company worked out under subsection
(2) of this section;
  (b) if the year of income is the 1993-94 year of income or a later year of
income-a class B franking debit of the company worked out under subsection (2)
of this section.";
  (b) by omitting from subsection (2) "0.8" and substituting "Statutory
factor";
  (c) by inserting the following definition in subsection (2) (before the
existing definitions):
  " 'Statutory factor' means:
  (a) in the case of a class A franking debit-0.8; or
  (b) in the case of a class B franking debit-1.0;".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 77
Life assurance companies-debit reducing subsection 160APVC(1) credit

  77. Section 160AQCM of the Principal Act is amended:
  (a) by inserting "class A" before "franking" (wherever occurring);
  (b) by adding at the end the following subsection:
  "(2) If:
  (a) on a particular day, a class B franking credit of a life assurance
company arises under subsection 160APVC(1) in relation to an amount received
as a refund in relation to a year of income; and
  (b) on or after that day, a notice of an original company tax assessment for
the year of income is served, or deemed to be served, on the company;
there arises, on the day on which the notice is served or deemed to be served,
a class B franking debit of the company equal to the amount of the class B
franking credit.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 78
Insertion of new section

  78. After section 160AQCM of the Principal Act the following section is
inserted in Subdivision C of Division 2 of Part IIIAA:
Life assurance companies-statutory fund component
  "160AQCN.(1) If, on a particular day, a class B franking credit of a company
arises under any of the following provisions:
  (a) section 160APVBA;
  (b) section 160APVBB;
  (c) subsection 160APVC(1);
  (d) subsection 160APVC(3);
  (e) subsection 160APVD(2);
there arises on that day a class A franking debit of the company equal to the
amount that would have been the amount of that class B franking credit if the
assumptions set out in subsection (2) were made.
  "(2) The assumptions