Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p36
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 87006–89848

class B franking deficit;
  'Company tax rate' means the applicable general company tax rate.";
  (c) by inserting in subsection (2) "or (1A), or both," after "(1)" (first
occurring);
  (d) by inserting in paragraphs (2)(c), (d), (e) and (f) "or (1A), as the
case may be," after "(1)";
  (e) by omitting from paragraph (2)(d) "equal to the excess; or" and
substituting "worked out using the formula:
    Excess   X   Particular franking deficit tax
                  Relevant franking deficit tax
where:
  'Excess' means the amount of the excess;
  'Particular franking deficit tax' means the tax that the company is liable
to pay under subsection (1) or (1A), as the case requires; or";
  (f) by omitting from paragraphs (2)(e) and (f) "(0.8 Fund component)" and
substituting "Fund component";
  (g) by omitting from paragraph (2)(f) "equal to the excess." and
substituting "worked out using the formula:
     Excess  X  Particular franking deficit tax
                 Relevant franking deficit tax
where:
  'Excess' means the amount of the excess;
  'Particular franking deficit tax' means the tax that the company is liable
to pay under subsection (1) or (1A), as the case requires.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 86
Entitlement to offset

  86. Section 160AQK of the Principal Act is amended:
  (a) by omitting from paragraph (1)(a) "franking deficit tax" and
substituting "class A franking deficit tax or class B franking deficit tax, or
both,";
  (b) by omitting from paragraph (1)(c) "amount of the franking deficit tax"
and substituting "sum of the class A franking deficit tax and the class B
franking deficit tax".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 87
Extra amount to be included in assessable income where franked dividend paid

  87. Section 160AQT of the Principal Act is amended:
  (a) by inserting in paragraph (1)(a) "class A" before "franked";
  (b) by inserting "class A" before "franked" in the definition of the
component "FA" in subsection (1);
  (c) by inserting after subsection (1) the following subsection:
  "(1AA) If:
  (a) a class B franked dividend is paid in a year of income to a shareholder
in a company; and
  (b) the shareholder is:
    (i) a natural person who is a resident at the time of payment of the
dividend; or
    (ii) a trustee; or
    (iii) a partnership; or
    (iv) a registered organization; and
  (c) the dividend is not exempt income of the shareholder; and
  (d) the dividend was not paid as part of a dividend stripping operation;
the assessable income of the shareholder of the year of income includes the
amount worked out using the formula:
        Franked amount   X   Company tax rate
                           1 - Company tax rate
where:
  'Franked amount' means the class B franked amount of the dividend;
  'Company tax