Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993 - SECT 105

105. Section 160ARZD of the Principal Act is amended:

   (a)  by omitting subparagraph (1)(c)(ii) and substituting the following
        subparagraph:

"(ii) 1% of whichever of the following is applicable:

                (A)  if the shortfall is a class A franking tax shortfall-the
                     class A franking deficit tax that would have been payable
                     by the company for that year if the tax were assessed on
                     the basis of the company's return under subsection
                     160ARE(1) or 160ARF(1) in relation to that year;

                (B)  if the shortfall is a class B franking tax shortfall-the
                     class B franking deficit tax that would have been payable
                     by the company for that year if the tax were assessed on
                     the basis of the company's return under subsection
                     160ARE(1) or 160ARF(1) in relation to that year; and";

   (b)  by omitting from subsection (5) the definition of "return franking
        tax".