Disclosure to Commissioner
Where an entity is required to disclose a significant variation in their benchmark franking percentage to the Commissioner this must be done by completing a Franking account tax return and lodging it with the Commissioner within one month of the end of the income year.
The Franking account tax return has been designed as the approved form for the purpose of the disclosure rule.
The Commissioner may also ask the corporate tax entity to:
- provide details of any other benefits given to the entity's members, either by the entity or an associate of the entity, in the period from the beginning of the last relevant franking period to the end of the current franking period
- include the benchmark franking percentage for the current franking period
- include the benchmark franking percentage for the last relevant franking period
- indicate whether any of the entity's members have derived, or will derive, a greater benefit from the franking credits than another member of the entity as a result of the variation in the benchmark franking percentage period, and
- any other information required by the Commissioner.