Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p12
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 12/21)
Character Range: 377759–380370

a specific corporate tax entity
 (1) The Commissioner may give the entity a written notice requiring the entity to give the Commissioner a franking return for the balancing period.
 (2) The entity must comply with the requirement within the time specified in the notice, or within any further time allowed by the Commissioner.
 (3) The entity must comply with the requirement regardless of whether the entity has given, or has been required to give, the Commissioner a return under section 214‑5.

214‑15  Effect of a refund on franking returns

If no franking return is outstanding
 (1) If:
 (a) the entity receives a refund of income 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;
the entity must give the Commissioner a franking return for the period within 14 days after the refund is received.

Refund received within 14 days before an outstanding franking return is due
 (2) If:
 (a) the entity receives a refund of income 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)