Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p14
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 14/21)
Character Range: 382500–385202

the original assessment
 (1) The Commissioner may amend a franking assessment for the entity for the balancing period at any time during the period of 3 years after the original assessment day for the entity for the period.
 (2) The original assessment day for the entity for the balancing period is the day on which the first franking assessment for the entity for the period is made.

214‑40  Amended assessments are treated as franking assessments
  Once an amended franking assessment for the entity for the balancing period is made, it is taken to be a franking assessment for the entity for the period.

214‑45  Further return as a result of a refund affecting a franking deficit tax liability
 (1) If:
 (a) a franking assessment for the entity for the balancing period has been made; and
 (b) on a particular day (the further return day) the entity gives the Commissioner a further return for the balancing period under subsection 214‑15(1) of this Act (because the entity has received a refund of income tax that affects its liability to pay franking deficit tax);
the Commissioner is taken to have amended the entity's franking assessment on the further return day, and to have assessed:
 (c) the entity's franking account balance at a particular time as that stated in the further return as the balance at that time; and
 (d) the amount 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 further return.
 (2) The further return is taken to be notice of the amended assessment signed by the Commissioner and given to the entity on the further return day.

214‑50  Later amendments—on request
  The Commissioner may amend a franking assessment for the entity for the balancing period after the end of a period of 3 years after the original franking assessment day if, within that 3 year period:
 (a) the entity applies for the amendment; and
 (b) the entity gives the Commissioner all the information necessary for making the amendment.

214‑55  Later amendments—failure to make proper disclosure
  If:
 (a) the entity does not make a full and true disclosure to the Commissioner of the information necessary for a franking assessment for the entity for the balancing period; 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.

214‑60  Later amendments—fraud or evasion
  If:
 (a) the entity does not make a full and true disclosure