Document ID: chunk:federal_register_of_legislation:C2004A00975:clause:1_1:p7
Version: federal_register_of_legislation:C2004A00975
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 7/20)
Character Range: 17033–19894

in accordance with this section.

 (2) The statement must be in the *approved form.

 (3) The statement must:
 (a) identify the entity making the distribution; and
 (b) state the date on which the distribution is made; and
 (c) state the amount of the distribution; and
 (d) state that there is a *franking credit of an amount specified on the distribution; and
 (e) state the *franking percentage for the distribution; and
 (f) state the amount of any *withholding tax that has been deducted from the distribution by the entity; and
 (g) include any other information required by the *approved form that is relevant to imputation generally or the distribution.

Note: Under the Taxation Administration Act 1953 it is an offence to fail to give a statement required under this Subdivision, or make a misleading statement in connection with a distribution (whether franked or not).

202‑85  Changing the franking credit on a distribution by amending the distribution statement

Changing the franking credit on a specified distribution

 (1) The Commissioner may, on application by an entity, determine in writing that the entity may change the *franking credit on a specified *distribution by amending the *distribution statement for the distribution.

 (2) In deciding whether to make a determination under subsection (1), the Commissioner must have regard to:
 (a) whether the date for lodgment of an *income tax return by the recipient of the specified *distribution for the income year in which the distribution was made has passed; and
 (b) whether, if the *franking credit on the specified distribution were changed in accordance with the entity's application, there would be any difference in the *withholding tax liability of the recipient; and
 (c) whether amending the distribution statement as requested by the entity would lead to a breach of the *benchmark rule, or any of the rules in Division 204 (the anti‑streaming rules); and
 (d) whether amending the distribution statement as requested by the entity would lead to a new *benchmark franking percentage being set for the entity for the *franking period in which the distribution was made; and
 (e) any other matters that the Commissioner considers relevant.

Changing the franking credits on a specified class of distributions

 (3) The Commissioner may, on application by an entity, determine in writing that the entity may change the *franking credits on *distributions of a specified class by amending the *distribution statements for the distributions.

 (4) In deciding whether to make a determination under subsection (3), the Commissioner must have regard to:
 (a) the number of recipients to whom an amended *distribution statement would be made; and
 (b) whether the date for lodgment of *income tax returns by recipients of *distributions of the specified class for the income year