Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 10/20)
Character Range: 3711480–3714251

and
 (f) the amounts (if any) of *franking tax payable by the entity because of events that have occurred, or are taken to have occurred, during that income year as those stated in the return.
 (2) The return is taken to be notice of the assessment signed by the Commissioner and given to the entity on the return day.

214‑70  Part‑year assessment
 (1) The Commissioner may, at any time during an income year, make a *franking assessment for a *corporate tax entity for a particular period within that year as if the beginning and end of that period were the beginning and end of an income year.
 (2) This Part applies, for the purposes of that assessment, as if the beginning and end of the period were the beginning and end of an income year.

214‑75  Validity of assessment
  The validity of a *franking assessment is not affected because any of the provisions of this Act have not been complied with.

214‑80  Objections
  If a *corporate tax entity is dissatisfied with a *franking assessment made in relation to the entity, the entity may object against the assessment in the manner set out in Part IVC of the Taxation Administration Act 1953.

Subdivision 214‑C—Amending franking assessments

Guide to Subdivision 214‑C

214‑90  What this Subdivision is about
      The Commissioner may amend franking assessments within certain time limits.

Table of sections

Operative provisions
214‑95 Amendments within 3 years of the original assessment
214‑100 Amended assessments are treated as franking assessments
214‑105 Further return as a result of a refund affecting a franking deficit tax liability
214‑110 Later amendments—on request
214‑115 Later amendments—failure to make proper disclosure
214‑120 Later amendments—fraud or evasion
214‑125 Further amendment of an amended particular
214‑135 Amendment on review etc.
214‑140 Notice of amendments

Operative provisions

214‑95  Amendments within 3 years of the original assessment
 (1) The Commissioner may amend a *franking assessment for a *corporate tax entity for an income year at any time during the period of 3 years after the *original franking assessment day for the entity for that year.
 (2) The original franking assessment day for a *corporate tax entity for an income year is the day on which the first *franking assessment for the entity for the income year is made.

214‑100  Amended assessments are treated as franking assessments
  Once an amended *franking assessment for a corporate tax entity for an income year is made, it is taken to be a franking assessment for the entity for the year.

214‑105  Further return as a result of a refund affecting a franking deficit tax liability
 (1) If:
 (a) a *franking assessment for a *corporate tax entity for an income year has been made; and
 (b) on