Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_13:p2
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 13 (pt 2/7)
Character Range: 423475–426080

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 205‑30(2) or (3) of this Act; and
 (c) when the refund is received, the entity does not have a franking return that is outstanding for the balancing period in which the liability arose; and
 (d) the entity receives the refund within the period of 14 days ending on the day by which the outstanding return must be given to the Commissioner;
the entity may, instead of accounting for the liability, or increased liability, in the outstanding return, account for it in a further return given to the Commissioner within 14 days after the refund is received.

Meaning of outstanding

 (3) A franking return for a balancing period is outstanding at a particular time if each of the following is true at that time:
 (a) the entity has been required to give a franking return for the period;
 (b) the time within which the franking return must be given has not yet passed;
 (c) the franking return has not yet been given.

214‑20  Franking returns for the income year

 (1) A franking return for a balancing period is in addition to any franking return that the entity is required to give to the Commissioner under Subdivision 214‑A of the Income Tax Assessment Act 1997 for the income year in which the balancing period ends.

 (2) However, if an entity is required to give a franking return for a balancing period, it is not required to include in its franking return for the income year in which that period ends anything that should have been included in the franking return for the balancing period.

214‑25  Commissioner may make a franking assessment

 (1) 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.

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

 (3) The notice may be included in a notice of any other assessment under this Act.

214‑30  Commissioner taken to have made a franking