Document ID: chunk:federal_register_of_legislation:C2025C00029:section:11:p61
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 11 (pt 61/64)
Character Range: 3454651–3457590

of the distribution by the highest exempting percentage at which a distribution to a favoured member is franked; or
 (d) if the specified benefit is the issue of bonus shares from a share premium account—an amount worked out by multiplying the amount debited to the share premium account in respect of the bonus shares by the highest exempting percentage at which a distribution to a favoured member is franked; or
 (e) if some other benefit is specified—an amount worked out by multiplying the value of the benefit by the highest exempting percentage at which a distribution to a favoured member is franked.

204‑45  Effect of a determination about distributions to favoured members
  If the Commissioner makes a determination denying an *imputation benefit under paragraph 204‑30(3)(c) (about distributions to favoured members), the determination has effect according to its terms.

204‑50  Assessment and 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 the Commissioner determines that an *exempting debit is to arise in the *exempting account of an entity under paragraph 204‑30(3)(b)—to the entity; and
 (c) in a case where a favoured member is denied an *imputation benefit under paragraph 204‑30(3)(c)—to the favoured member.
 (3) If the Commissioner makes a determination denying an *imputation benefit under paragraph 204‑30(3)(c) 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 manner that results in the notice being accessible to the public and reasonably prominent. The notice is taken to have been served on the day on which the publication takes place.

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
 (1) This Subdivision applies to an entity