INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

Subdivision 214-B - Franking assessments  

Operative provisions

SECTION 214-60   Commissioner may make a franking assessment  

214-60(1)  
The Commissioner may make an assessment of:


(a) if a *corporate tax entity is a *franking entity at the end of the income year - its *franking account balance at the end of the income year; and


(b) if a corporate tax entity ceased to be a franking entity during the income year - its franking account balance immediately before it ceased to be a franking entity; and


(c) if a corporate tax entity is a *PDF at the end of the income year - its *venture capital sub-account balance at the end of the income year; and


(d) if a corporate tax entity ceased to be a PDF during the income year - its venture capital sub-account balance immediately before it ceased to be a PDF; and


(e) the amounts (if any) of *franking tax which the entity is liable to pay because of events that have occurred, or are taken to have occurred, during the income year.

This is a franking assessment for the entity for the income year.

214-60(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.

214-60(2)  
The Commissioner must give the entity notice of the assessment as soon as practicable after making the assessment.

214-60(3)  
(Repealed by No 81 of 2016)


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