Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993 - SECT 69

69. Section 160AQCA of the Principal Act is amended:
(a) by inserting "class A" before "franking" (wherever occurring);

   (b)  by inserting in subparagraphs (b)(i) and (ii) "subsection (1) of"
        before

"that section";

   (c)  by adding at the end the following subsection:

"(2) If:

   (a)  a class B franking credit of a life assurance company arose under
        section 160APP or 160APQ at a particular time during a year of income
        of the company; and

   (b)  after that time and during the year of income:

        (i)    if section 160APP applied-the asset of the company from which
               the dividend referred to in subsection (1A) of that section was
               derived; or

        (ii)   if section 160APQ applied-the asset of the company to which the
               trust amount or partnership amount referred to in subsection
               (1A) of that section is attributable; becomes part of the
               insurance funds of the company; there arises, on the day on
               which the asset becomes part of the insurance funds, a class B
               franking debit of the company equal to the class B franking
               credit.".