Income Tax Assessment Act 1997
(a) a *corporate tax entity does not make a full and true disclosure to the Commissioner of the information necessary for a *franking assessment for the entity for an income year; and
(b) in making the assessment, the Commissioner makes an *under-assessment; and
(c) the Commissioner is not of the opinion that the under-assessment is due to fraud or evasion;
the Commissioner may amend the assessment at any time during the period of 6 years after the *original franking assessment day for the entity for the year.214-115(2)
The Commissioner makes an under-assessment in a *franking assessment (the earlier assessment ) if, in amending the earlier assessment, the Commissioner would have to do one or more of the following for the amended assessment to be correct:
(a) reduce the *franking surplus (including to a nil balance);
(b) increase the *franking deficit (including from a nil balance);
(c) increase *franking tax payable.
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