Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993 - SECT 75

75. Section 160AQCK of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "on that day" and
substituting the following words and paragraphs:

"whichever of the following is applicable:

   (a)  if the year of income is the 1992-93 year of income or an earlier year
        of income-a class A franking debit of the company worked out under
        subsection (2) of this section;

   (b)  if the year of income is the 1993-94 year of income or a later year of
        income-a class B franking debit of the company worked out under
        subsection (2) of this section.";

   (b)  by omitting from subsection (2) "0.8" and substituting "Statutory
        factor";

   (c)  by inserting the following definition in subsection (2) (before the
        existing definitions):

" 'Statutory factor' means:

   (a)  in the case of a class A franking debit-0.8; or

   (b)  in the case of a class B franking debit-1.0;".