Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1987No. 62, 1987 - SECT 41

41. After section 160AQC of the Principal Act the following section is
inserted in Division 2 of Part IIIAA: Transfer of asset to insurance funds

"160AQCA. Where:

   (a)  a 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 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 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 franking debit of the
               company equal to the franking credit.".