Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_3:p4
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 3 (pt 4/10)
Character Range: 403938–406643

be given has not yet passed;
 (c) the franking return has not yet been given.

214‑50  Evidence

  Section 177 of the Income Tax Assessment Act 1936 applies as if a reference in that section to a return included a reference to a *franking return.

Subdivision 214‑B—Franking assessments

Guide to Subdivision 214‑B

214‑55  What this Subdivision is about

      The Commissioner may make an assessment of a corporate tax entity's liability to pay franking tax, and the franking account balance and the venture capital sub‑account balance on which that liability is based. An entity's first return for an income year is treated as an assessment by the Commissioner. To this extent, there is self‑assessment.

Table of sections

Operative provisions

214‑60 Commissioner may make a franking assessment
214‑65 Commissioner taken to have made a franking assessment on first return
214‑70 Part‑year assessment
214‑75 Validity of assessment
214‑80 Objections
214‑85 Evidence

[This is the end of the Guide.]

Operative provisions

214‑60  Commissioner may make a franking assessment

 (1) The Commissioner may make an assessment of:
 (a) if a *corporate tax 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 a corporate tax 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 a corporate tax 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 a corporate tax 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.
This is a franking assessment for the entity for the income year.

 (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.

214‑65  Commissioner taken to have made a franking assessment on first return

 (1) If:
 (a) a *corporate tax entity gives the Commissioner a *franking return for an income year on a particular day (the return day); and
 (b) the return is the first franking return given by the entity for the year; and
 (c) the Commissioner has not already made a *franking assessment for the entity for the year;
the Commissioner is taken to have made a franking assessment for the entity for the year on the return