INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 8 - Returns and assessments  

Subdivision B - Assessments  

SECTION 160ARH   FIRST RETURN DEEMED TO BE AN ASSESSMENT  

160ARH(1)   [Deemed assessment of class A franking account]  

Where:

(a) at a particular time (in this section called the ``return time'' ), a return (in this section called the ``first return'' ) under section 160ARE or 160ARF in relation to a company in relation to a franking year is furnished; and

(b) before the return time, no return has been furnished, and no class A franking account assessment has been made, in relation to the company in relation to the franking year;

the following provisions have effect:

(c) the Commissioner shall be deemed at the return time to have made an assessment (in this section called the ``deemed assessment'' ) of:

(i) the class A franking account balance of the company for the franking year; and

(ii) any class A franking deficit tax payable by the company for the franking year;

being those respective amounts as specified in the first return;

(d) the first return shall be deemed to be a notice of the deemed assessment and to be under the hand of the Commissioner;

(e) the notice referred to in paragraph (d) shall be deemed to have been served on the company at the return time.

160ARH(2)   [Deemed assessment of class B franking account]  

If:

(a) at a particular time (the ``return time'' ), a return (the ``first return'' ) under this Part in relation to a company in relation to a franking year is lodged; and

(b) before the return time, no return has been lodged, and no class B franking account assessment has been made, in relation to the company in relation to the franking year;

the following provisions have effect:

(c) the Commissioner is taken at the return time to have made an assessment (the ``deemed assessment'' ) of:

(i) the class B franking account balance of the company for the franking year; and

(ii) any class B franking deficit tax payable by the company for the franking year;

being those respective amounts as specified in the first return;

(d) the first return is taken to be a notice of the deemed assessment and to be signed by the Commissioner;

(e) the notice referred to in paragraph (d) is taken to have been served on the company at the return time.

160ARH(3)   [Deemed assessment of class C franking account]  

If:

(a) at a particular time (the return time ), a return (the first return ) under this Part in relation to a company in relation to a franking year is lodged; and

(b) before the return time, no return has been lodged, and no class C franking account assessment has been made, in relation to the company in relation to the franking year;

the following provisions have effect:

(c) the Commissioner is taken at the return time to have made an assessment (the deemed assessment ) of:

(i) the class C franking account balance of the company for the franking year; and

(ii) any class C franking deficit tax payable by the company for the franking year;

being those respective amounts as specified in the first return;

(d) the first return is taken to be a notice of the deemed assessment and to be signed by the Commissioner;

(e) the notice referred to in paragraph (d) is taken to have been served on the company at the return time.