Changes have been made to the franking account tax return (FAR) which allows corporate tax entities to provide information about their FDT, OFT and/or disclosure obligations on the one form.
Generally, the FAR must be lodged and any FDT liability and/or OFT liability must be paid on the last day of the month following the end of the entity's income year. Other lodgement and payment rules apply where a refund of income tax for an income year is received within three months after the end of that income year, or within three months after the entity ceases to be a franking entity.
Different rules can apply to certain late balancing corporate tax entities that elect to have their FDT liability determined on 30 June. For more information please refer to the fact sheet - Simplified imputation: consequential amendments to franking deficit tax liability for late balancing corporate tax entities (NAT 7567).