Tax Laws Amendment (2007 Measures No. 3) Act 2007 (79 of 2007)

Schedule 1   Distributions to entities connected with a private company and related issues

Part 3   Time limit for making franking assessments

Income Tax Assessment Act 1997

42   After subsection 214-60(1)

Insert:

(1A) However, the Commissioner must not make an assessment under subsection (1) for an entity for an income year if:

(a) the entity is not required under Subdivision 214-A to give the Commissioner a *franking return for the income year; and

(b) the entity is not required under Division 214 of the Income Tax (Transitional Provisions) Act 1997 to give the Commissioner a franking return for the balancing period ending within the income year; and

(c) the entity was required to lodge an *income tax return for the income year by a particular time; and

(d) the entity has lodged that income tax return; and

(e) 3 years have passed since the later of the following:

(i) the time mentioned in paragraph (c);

(ii) the time when the entity lodged that income tax return.