Document ID: chunk:federal_register_of_legislation:C2004A00975:clause:1_1:p18
Version: federal_register_of_legislation:C2004A00975
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 18/20)
Character Range: 45359–48342

notice of determination

 (1) A determination under subsection 204‑30(3) does not form part of an assessment.

 (2) The Commissioner must give notice in writing of the determination:
 (a) in a case where the Commissioner determines that a *franking debit is to arise in the *franking account of an entity under paragraph 204‑30(3)(a)—to the entity; and
 (b) in a case where a favoured member is denied an *imputation benefit under paragraph 204‑30(3)(b)—to the favoured member.

 (3) If the Commissioner makes a determination denying an *imputation benefit under paragraph 204‑30(3)(b) on a *distribution made by a *listed public company, the Commissioner is taken to have served notice in writing of the determination on the favoured member if the Commissioner causes a notice to be published in a daily newspaper that circulates generally in each State, the Australian Capital Territory and the Northern Territory. The notice is taken to have been served on the day on which the publication takes place.

 (4) A notice under this section may be included in a notice of assessment.

204‑55  Right to review where a determination made

  If a taxpayer to whom a determination relates is dissatisfied with the determination, the taxpayer may object to it in the manner set out in Part IVC of the Taxation Administration Act 1953.

Subdivision 204‑E—Disclosure requirements

Guide to Subdivision 204‑E

204‑65  What this Subdivision is about

      This Subdivision requires an entity to notify the Commissioner where there is a significant difference in its benchmark franking percentage over time, so that the Commissioner can assess whether there is streaming.

Table of sections

Operative provisions

204‑70 Application of this Subdivision
204‑75 Notice to the Commissioner
204‑80 Commissioner may require information where the Commissioner suspects streaming

Operative provisions

204‑70  Application of this Subdivision

  This Subdivision does not apply to an entity to whom the benchmark rule does not apply.

Note: Section 203‑20 identifies the entities to whom the benchmark rule does not apply.

204‑75  Notice to the Commissioner

 (1) An entity must notify the Commissioner in writing if the *benchmark franking percentage for the entity for a *franking period (the current franking period) differs significantly from the benchmark franking percentage for the entity for the last franking period in which a *frankable distribution was made (the last relevant franking period).

 (2) An entity's *benchmark franking percentage for the current franking period differs significantly from its benchmark franking percentage for the last relevant franking period if it has increased or decreased by an amount that is greater than the amount worked out using the following formula:

 (3) The notice must also state:
 (a) the *benchmark franking percentage for the current franking period; and
 (b) the benchmark franking percentage for the last relevant franking period.