Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p15
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 15/21)
Character Range: 384958–387686

or evasion;
the Commissioner may amend the assessment at any time during the period of 6 years after the original franking assessment day.

214‑60  Later amendments—fraud or evasion
  If:
 (a) the entity does not make a full and true disclosure to the Commissioner of the information necessary for a franking assessment for the entity for the balancing period; and
 (b) in making the assessment, the Commissioner makes an under‑assessment; and
 (c) the Commissioner is of the opinion that the under‑assessment is due to fraud or evasion;
the Commissioner may amend the assessment at any time.

214‑65  Further amendment of an amended particular
  If:
 (a) a franking assessment for the entity for the balancing period has been amended (the first amendment) in any particular; and
 (b) the Commissioner is of the opinion that it would be just to further amend the assessment in that particular so as to reduce the assessment;
the Commissioner may do so within a period of 3 years after the first amendment.

214‑70  Other later amendments
  In a case not covered by sections 214‑50, 214‑55, 214‑60 or 214‑65, the Commissioner may amend the franking assessment for the entity for 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
  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.

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.

214‑100  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.