Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993 - SECT 102

102. Section 160ARXA of the Principal Act is amended:
(a) by omitting from subsection (1) the definitions of "franking tax
shortfall", " proper franking tax" and " statement franking tax" and
substituting the following definitions:

" 'franking tax shortfall', in relation to a company and a franking year,
means:

   (a)  a class A franking tax shortfall in relation to the company and the
        franking year; or

   (b)  a class B franking tax shortfall in relation to the company and the
        franking year;
'proper franking tax', in relation to a company and a franking year, means:

   (a)  the class A proper franking tax in relation to the company and the
        franking year; or

   (b)  the class B proper franking tax in relation to the company and the
        franking year;
'statement franking tax', in relation to a company, a franking year and a
time, means:

   (a)  the class A statement franking tax in relation to the company, the
        franking year and the time; or

   (b)  the class B statement franking tax in relation to the company, the
        franking year and the time;";

   (b)  by inserting in subsection (1) the following definitions:

" 'class A franking tax shortfall', in relation to a company and a franking
year, means the amount (if any) by which the company's class A statement
franking tax for that year at the time at which it was lowest is less than the
company's class A proper franking tax for that year;
'class A proper franking tax', in relation to a company and a franking year,
means the class A franking deficit tax properly payable by the company in
respect of that year;
'class A statement franking tax', in relation to a company, a franking year
and a time, means the class A franking deficit tax that would have been
payable by the company in respect of that year if the tax were assessed at
that time taking into account taxation statements by the company;
'class B franking tax shortfall', in relation to a company and a franking
year, means the amount (if any) by which the company's class B statement
franking tax for that year at the time at which it was lowest is less than the
company's class B proper franking tax for that year;
'class B proper franking tax', in relation to a company and a franking year,
means the class B franking deficit tax properly payable by the company in
respect of that year;
'class B statement franking tax', in relation to a company, a franking year
and a time, means the class B franking deficit tax that would have been
payable by the company in respect of that year if the tax were assessed at
that time taking into account taxation statements by the company;".