INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

SECTION 214-5   Entity must give a franking return  

214-5(1)  
The entity must give the Commissioner a franking return for the balancing period setting out the following information before the end of the month immediately following the end of the period:


(a) if the entity is a franking entity at the end of the balancing period - its franking account balance at the end of the period; and


(b) if the entity ceases to be a franking entity during the balancing period - its franking account balance immediately before it ceased to be a franking entity; and


(c) the amount (if any) of franking deficit tax that the entity is liable to pay under section 205-25 of this Act because of events that have occurred, or are taken to have occurred, during the balancing period.

214-5(2)  
The return must be in writing in the approved form.




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