Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p7
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 7/20)
Character Range: 3704253–3706882

the Commissioner a *franking return.

214‑25  Content and form of a franking return
 (1) A *corporate tax entity must include the following information in its *franking return for an income year:
 (a) if the entity is a *franking entity at the end of the income year—its *franking account balance at the end of the income year; and
 (b) if the entity ceased to be a franking entity during the income year—its franking account balance immediately before it ceased to be a franking entity; and
 (c) if the entity is a *PDF at the end of the income year—its *venture capital sub‑account balance at the end of the income year; and
 (d) if the entity ceased to be a PDF during the income year—its venture capital sub‑account balance immediately before it ceased to be a PDF; and
 (e) the amounts (if any) of *franking tax which the entity is liable to pay because of events that have occurred, or are taken to have occurred, during the income year; and
 (f) any other information required by the Commissioner for the purposes of administering this Part.
 (2) The return must be in the *approved form.

214‑30  Franking account balance
  A *corporate tax entity's franking account balance at a particular time is:
 (a) if the entity has a *franking surplus or a *franking deficit at that time—the amount of the surplus or deficit; or
 (b) if the entity does not have a franking surplus or a franking deficit at that time—nil.

214‑35  Venture capital sub‑account balance
  A *PDF's venture capital sub‑account balance at a particular time is:
 (a) if the PDF has a *venture capital surplus or a *venture capital deficit at that time—the amount of the surplus or deficit; or
 (b) if the entity does not have a venture capital surplus or a venture capital deficit at that time—nil.

214‑40  Meaning of franking tax
  Each of the following is a franking tax:
 (a) *franking deficit tax;
 (b) *over‑franking tax;
 (c) *venture capital deficit tax.

214‑45  Effect of a refund on franking returns

If no franking return is outstanding
 (1) If:
 (a) a *corporate tax entity *receives a refund of income tax or *receives a refund of diverted profits tax; and
 (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay *franking deficit tax because of the operation of subsection 205‑50(2) or (3); and
 (c) when the refund is received, the entity does not have a *franking return that is *outstanding for the income year in which the liability arose;
the entity must give the Commissioner a franking return for the income year within 14 days after the refund is received.

Refund received within 14 days before