Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

Subdivision 214-C - Amending franking assessments  

Operative provisions

SECTION 214-115   Later amendments - failure to make proper disclosure  

214-115(1)    
If:

(a) a *corporate tax entity does not make a full and true disclosure to the Commissioner of the information necessary for a *franking assessment for the entity for an income year; and

(b) in making the assessment, the Commissioner makes an *under-assessment; and

(c) the Commissioner is not of the opinion that the under-assessment is due to fraud or evasion;

the Commissioner may amend the assessment at any time during the period of 6 years after the *original franking assessment day for the entity for the year.

214-115(2)    
The Commissioner makes an under-assessment in a *franking assessment (the earlier assessment ) if, in amending the earlier assessment, the Commissioner would have to do one or more of the following for the amended assessment to be correct:

(a) reduce the *franking surplus (including to a nil balance);

(b) increase the *franking deficit (including from a nil balance);

(c) increase *franking tax payable.