Division 214 - Administering the imputation system  

SECTION 214-25   Commissioner may make a franking assessment  

The Commissioner may make an assessment of:

(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.

This is a franking assessment for the entity for the balancing period.

The Commissioner must give the entity notice of the assessment as soon as practicable after making the assessment.

(Repealed by No 81 of 2016)


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