Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 5) 1989 No. 20 of 1990 - SECT 19

19. After section 160APM of the Principal Act the following sections are
inserted: Initial payment of tax

"160APMA. Where, on a particular day, a payment is made by a company in
respect of an initial payment of tax that the company is required to make
under section 221AP in respect of a year of income, there arises on that day a
franking credit of the company equal to the adjusted amount in relation to the
amount paid. Subsequent payments of tax before determination of taxable income

"160APMB. If, after a company makes an initial payment of tax referred to in
section 160APMA in respect of a year of income and before the day on which the
company makes a final payment of tax in respect of that year of income under
section 221AZD, the company makes a further payment on account of tax in
respect of that year of income, there arises, on the day on which that further
payment is made, a franking credit of the company equal to the adjusted amount
in relation to the amount of that further payment.".