• Period boxes 'or specify if part year or approved substitute period'

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    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    The Franking account tax return 2004 is for the period 1 July 2003 to 30 June 2004. Please complete the period boxes with the start of the period covered by this tax return to the end of the period if:

    • the entity is an early balancing corporate tax entity, or
    • the entity is a late balancing corporate tax entity (see note below), or
    • the entity ceases to be a franking entity part way through its income year or, in the case of a New Zealand franking company, its election to join the Australian imputation system is revoked or cancelled part way through its income year.

    An early or late balancing corporate tax entity is one that has obtained the Commissioner's permission to use an income year that ends on a date other than 30 June. These companies are granted an approved substituted accounting period (SAP) which is in lieu of an income year ending on 30 June (the standard income year).

    Generally, an early balancing corporate tax entity is one that has its 2003-04 income year end before 30 June 2004, while a late balancing corporate tax entity generally has its 2003-04 income year end after 30 June 2004. For more information on SAPs refer to Taxation Ruling IT 2360 Income tax: substituted accounting periods.

    Example 1
    MHO Ltd has an approved substituted accounting period ending on 30 September 2004 in lieu of 30 June 2004. That is, MHO Ltd is a late balancing corporate tax entity. MHO Ltd does not elect to have its franking deficit tax liability determined on a 30 June basis. At the end of the day on 30 September 2004 MHO Ltd has a debit balance in its franking account and consequently it has a liability to pay franking deficit tax. MHO Ltd would complete the period boxes as follows:

    Day

    Month

    Year

    to

    Day

    Month

    Year

    01

    10

    2003

    30

    09

    2004

    Note
    A late balancing corporate tax entity that has elected to have its FDT liability determined on a 30 June basis must complete the period boxes with 01/07/2003 to 30/06/2004.

    Last modified: 18 Sep 2008QC 17477