INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

SECTION 214-30   Commissioner taken to have made a franking assessment on first return  

214-30(1)  
If:


(a) the entity gives the Commissioner a franking return under section 214-5 or 214-10 of this Act on a particular day (the return day ); and


(b) the return is the first franking return given to the Commissioner by the entity for the balancing period; and


(c) the Commissioner has not already made a franking assessment for the entity for that period;

the Commissioner is taken to have made a franking assessment for the entity for the period on the return day, and to have assessed:


(d) the entity's franking account balance at a particular time as that stated in the return as the balance at that time; and


(e) the amount (if any) of franking deficit tax payable by the entity because of events that have occurred, or are taken to have occurred, during the period as those stated in the return.

214-30(2)  
The return is taken to be notice of the assessment signed by the Commissioner and given to the entity on the return day.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.