Who must lodge a franking account return?



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The franking account tax return must be completed for all corporate tax entities that have:

  • a liability to pay franking deficit tax, and/or
  • a liability to pay over-franking tax, and/or
  • an obligation to disclose information to the Commissioner of Taxation in relation to any significant variation in its benchmark franking percentages.

If there is such a liability or disclosure obligation the entity is only required to complete Section A and the labels on the tax return that are relevant to that liability and/or obligation. If there is no such liability or disclosure obligation, lodgment of this tax return is not necessary.

An entity is a corporate tax entity for the purposes of Part 3-6 of the Income Tax Assessment Act 1997 at a particular time if the entity is a company at that time, or a corporate limited partnership, corporate unit trust or a public trading trust in relation to the income year in which that time occurs.

Last modified: 18 Sep 2008QC 16745