Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p44
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
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Character Range: 107027–109809

franking deficit tax payable by the company for the franking
year.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 104
Penalty for failure to lodge return

  104. Section 160ARZ of the Principal Act is amended by omitting all the
words after "double" and substituting the following words and paragraphs:
  "the sum of:
  (a) the class A franking deficit tax (if any) payable by the company for the
franking year; and
  (b) the class B franking deficit tax (if any) payable by the company for the
franking year.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 105
Penalty tax because of position taken

  105. Section 160ARZD of the Principal Act is amended:
  (a) by omitting subparagraph (1)(c)(ii) and substituting the following
subparagraph:
    "(ii) 1% of whichever of the following is applicable:
      (A) if the shortfall is a class A franking tax shortfall-the class
A franking deficit tax that would have been payable by the company for that
year if the tax were assessed on the basis of the company's return under
subsection 160ARE(1) or 160ARF(1) in relation to that year;
      (B) if the shortfall is a class B franking tax shortfall-the class
B franking deficit tax that would have been payable by the company for that
year if the tax were assessed on the basis of the company's return under
subsection 160ARE(1) or 160ARF(1) in relation to that year; and";
  (b) by omitting from subsection (5) the definition of "return franking tax".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 106
Company to keep records

  106. Section 160ASC of the Principal Act is amended by omitting from
paragraph (b) "franking account balance" and substituting "class A franking
account balance or the class B franking account balance".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 107
Duties of payers

  107. Section 221YHZC of the Principal Act is amended by omitting from
paragraphs (1B)(b) and (1D)(b) "the percentage specified in the declaration,
referred to in that section," and substituting "the franking percentage
(within the meaning of section 160APA)".

Subdivision C - Application and transitional provisions

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 108
Interpretation

  108. In this Subdivision:
  "amended Act" means the Principal Act as amended by this Division;
  "1993-94 franking year", in relation to a company, means the franking year
of the company immediately preceding the company's 1994-95 franking year;
  "1994-95 franking year", in relation to a company, means:
  (a) if a franking year of the company:
    (i) is covered by paragraph (a) of the definition of "franking year"
in section 160APA of the Principal Act; and
    (ii) begins after 31 December 1993 and before 1