Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_13:p5
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 13 (pt 5/7)
Character Range: 430737–433463

the balancing period after the period of 3 years after the original assessment day has expired, but not so as to reduce the assessment.

214‑75  Amendment on review etc.

  Nothing in this Division prevents the amendment of a franking assessment for the entity for the balancing period:
 (a) to give effect to a decision on a review or appeal; or
 (b) to reduce the assessment as a result of an objection made under this Act or pending an appeal or review.

214‑80  Notice of amendments

 (1) If the Commissioner amends the entity's franking assessment for the balancing period, the Commissioner must give the entity notice of the amendment as soon as practicable after making the amendment.

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

214‑85  Validity of assessment

  The validity of a franking assessment for the entity for the balancing period is not affected because any of the provisions of this Act (as defined in the Income Tax Assessment Act 1997) have not been complied with.

214‑90  Objections

  If a corporate tax entity is dissatisfied with a franking assessment made in relation to the entity under this Division, the entity may object against the assessment in the manner set out in Part IVC of the Taxation Administration Act 1953.

214‑95  Evidence

  Section 177 of the Income Tax Assessment Act 1936 applies as if:
 (a) a reference in that section to a return included a reference to a franking return under this Division; and
 (b) a reference in that section to an assessment or a notice of assessment included a reference to a franking assessment or a notice of a franking assessment (as required) under this Division.

214‑100  Due date for payment of franking tax

General rule

 (1) Unless this section provides otherwise, franking deficit tax assessed for the entity because of events that have occurred, or are taken to have occurred, during the balancing period is due and payable on the last day of the month immediately following the end of the balancing period.

Amended assessments—other than because of deficit deferral

 (2) If:
 (a) the Commissioner amends a franking assessment for the entity for the balancing period (the earlier assessment) other than because of the operation of section 214‑30 (an amendment because of a refund of tax that affects franking deficit tax liability); and
 (b) the amount of franking deficit tax payable under the amended assessment exceeds the amount of franking deficit tax payable under the earlier assessment;
the excess amount is due and payable one month after the day on which the assessment was amended.

Tax payable because of deficit deferral

 (3) If:
 (a) the entity receives a refund of income