Lodgment and payment date

The time for lodgment of a Franking account tax return that accounts for a refund of income tax will depend on whether a Franking account tax return is outstanding at the time the refund is received.

A Franking account tax return is an outstanding return at the time a refund of income tax is received if all the following apply:

• the entity is required to lodge a Franking account tax return (for example, because the entity’s franking account was in deficit at the end of its income year or immediately before it ceased to be a franking entity)
• the time for lodging the entity’s Franking account tax return has not yet passed, and
• the Franking account tax return has not yet been lodged.

For certain late balancing corporate tax entities that elect to have their FDT liability determined on a 30 June basis, a Franking account tax return is outstanding if:

• the entity is required to lodge a Franking account tax return (for example, because the entity’s franking account was in deficit at the end of 30 June or immediately before it ceased to be a franking entity)
• the time for lodging the entity's Franking account tax return has not yet passed, and
• the Franking account tax return has not yet been lodged.

Is there an outstanding Franking account tax return when you receive a refund?

No Lodge the Franking account tax return that accounts for the refund. Pay any FDT liability within 14 days after you receive the refund.

Yes Lodge the outstanding Franking account tax return when you receive the refund. Pay any FDT or OFT by the last day of the month following the end of the income year (or the 12-months period ending on 30 June). Account for the refund either:

• in the outstanding Franking account tax return, or
• in an additional Franking account tax return. Lodge this additional Franking account tax return (and pay the additional FDT) within 14 days after you received the refund.