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

98   First return deemed to be an assessment

Section 160ARH of the Principal Act is amended:

(a) by inserting "class A" before "franking account" (wherever occurring);
        

(b) by inserting in subparagraph (c)(ii) "class A" before "franking deficit tax";
        

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

"(2) 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.".