Document ID: chunk:federal_register_of_legislation:F2021L00577:body:0:p10
Version: federal_register_of_legislation:F2021L00577
Segment Type: other
Provision Reference: 
Character Range: 24284–26944

deficit tax or over-franking tax, or has an obligation to disclose information to the Commissioner under section 204-75 of the ITAA 1997; or

       (2)           a refund of income tax is taken to have been paid to the entity at any time during the *income year under section 205-50 of the ITAA 1997.

Note:  If a corporate tax entity is not required to lodge a franking return because of subsections 5.1(1) and (2) above, then it is only required to lodge the return if it is specifically requested to do so by the Commissioner.

Date of lodgment of franking return

The franking return must be lodged by:

       (1)           the last day of the month following the end of the *income year in which the liability was incurred, the disclosure obligation arose, or the refund is taken to have been paid; unless

       (2)           the franking deficit tax payment date listed in the taxation law where a refund of income tax is received (namely, 14 days after that refund is received).

Note:  The franking return must be in the approved form.

5.2  Special rules for late balancing corporate tax entities that elect to use 30 June as a basis for determining their franking deficit tax liability

Late balancing corporate tax entities that elect to use 30 June as a basis for determining their franking deficit tax liability, under the rules contained in Division 205 of the ITTPA 1997, are required to lodge a franking return and meet their liability for franking deficit tax under the rules contained in Division 214 of the ITTPA 1997.

A late balancing corporate tax entity may elect to have its franking deficit tax liability determined on 30 June 2021. Where the entity elects this and incurs a liability to pay franking deficit tax under Division 205 of the ITTPA 1997, the franking return must be lodged in the *approved form by:

       (1)           31 July 2021; unless

       (2)           the franking deficit tax payment date is listed in the taxation law where a refund of income tax is received (namely, 14 days after that refund is received).

5.3  Lodgment of a venture capital deficit tax return

Under section 214-15 of the ITAA 1997, I require a corporate tax entity to lodge a venture capital deficit tax return for the *income year if the entity has a liability to pay venture capital deficit tax under section 210-135 of the ITAA 1997.

A corporate tax entity that does not have a liability to pay venture capital deficit tax is not required to lodge a venture capital deficit tax return.

Date of lodgment of venture capital deficit tax return

The venture capital deficit tax return must be lodged in the *approved form by