Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p17
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 40378–43235

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   )
                               ( company     current year's )
                               ( tax         company tax    )
                               ( Current year's company tax )
where
  'Statutory factor' means 1.0;
Note: Statutory factor is used and modified in section 160APVH.
  'Current year's company tax' means the company tax assessed
to the company for the current year of income;
  'Non-fund component of current year's company tax' means so
much of the company tax assessed to the company for the current
year of income as is attributable to the non-fund component.
Life assurance companies - debit reversing subsection
160APVA(1) credit
  "160AQCCB. If:
  (a) on a particular day, a class B franking credit of a life
assurance company arises under subsection 160APVA(1) in
relation to a refund received by the company in respect of an
instalment for a year of income (the 'current year of income');
and
  (b) 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 equal to the
amount of the class B franking credit arises on the day on
which the notice is served, or taken to be served.".
  39. Before paragraph 160AQCN(1)(a):
Insert:
  "(aa) subsection 160APVA(1);
  (ab) subsection 160APVA(3);".
  40. After subsection 160AQCN(2):
Insert:
  "(2A) If:
  (a) on a particular day, a class A franking credit of a
company arises under subsection 160APVH(1) because of paragraph
        (aa) of that subsection in relation to a company tax instalment
in respect of 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 taken to be
served, on the company;
then a class A franking debit of the company equal to the
amount of the class A franking credit arises on the day on
which the notice is served or taken to be served.".
  41. After paragraph 160AQD(1)(b):
Insert:
  "or (ba) has paid a company tax instalment;".
  42. Paragraph 160AQD(1)(c):
After "tax", insert "or the company tax instalment".
  43. After subsection 160AQD(1A):
Insert:
  "(1B) An estimated class A debit in relation to a company tax
instalment must relate to the refund of that instalment under
section 221AZL or 221AZQ.".
  44. After paragraph 160AQDA(1)(b):
Insert:
  "or (ba) has paid a company tax instalment;".
  45. Paragraph 160AQDA(1)(c):
After "tax", insert "or the company tax instalment".
  46. After subsection 160AQDA(2):
Insert:
  "(2A) An estimated class B debit in relation