Taxation Laws Amendment Act (No. 3) 1993 (118 of 1993)

Part 4   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 9   Amendments relating to dividend imputation

Subdivision B   Amendments of the Principal Act

100   Default assessment

Section 160ARK of the Principal Act is amended:

(a) by inserting "class A" before "franking" (2nd and 4th occurring);
        

(b) by adding at the end the following subsection:
        

"(2) If a company has not lodged a return in respect of a franking year, the Commissioner may make an assessment of:

(a) the class B franking account balance of the company at the end of the franking year; and

(b) any class B franking deficit tax payable by the company for the franking year.".