Document ID: chunk:federal_register_of_legislation:F2018L00620:body:0:p9
Version: federal_register_of_legislation:F2018L00620
Segment Type: other
Provision Reference: 
Character Range: 21312–24159

consolidated group (as defined in Division 703 of the ITAA 1997); or

       (2)       MEC group (as defined in Division 719 of the ITAA 1997).

Table N

    A *person who:

       (1)     has made an election under former section 485AA of the ITAA 1936 or an election under paragraphs 830-10(2)(b) or 830-15(5)(b) of the ITAA 1997, so that:

          (a)      their interest is treated as an interest in a *foreign hybrid (under Division 830 of the ITAA 1997) for the *year of income; and

          (b)      the interest does not pass the non-portfolio interest test within the meaning of section 960-195 of the ITAA 1997, ignoring interests held by associates of the holding entity;

       (2)     is an individual and the only income derived jointly (or in common) with another individual was:

       (a)      rent from a jointly owned property;

       (b)      interest from a jointly held account in a financial institution;

       (c)      dividends from jointly held shares;

       and were not in a partnership carrying on a business.

Note:

    A partner is required to include details of all relevant income, expenditure and deduction items, as well as distribution details in their own tax return.

Table O

    Any trustee of a resident trust estate of a deceased person where each of the following apply:

       (1)      The deceased person died less than 3 years before the end of the *income year.

       (2)      No beneficiary is presently entitled to a share of the income of the trust estate.

       (3)      The net income of the trust estate under section 95 of the ITAA 1936 is less than $18,200.

       (4)      There are no non-resident beneficiaries of the trust estate.

Table P

    Every *person who during the *income year derived *assessable income from sources in *Australia as a working holiday maker (within the meaning of subsection 3A(1) of the Income Tax Rates Act 1986), and:

       (1)      had no other *assessable income; and

       (2)      whose *taxable income (excluding any superannuation remainder or employment termination remainder) was less than $37,001.

5. Other lodgment requirements

5.1 Lodgment of franking returns

    Under section 214-15 of the ITAA 1997, I require a *corporate tax entity to lodge a franking return for the *income year if:

       (1)   the entity incurs, at any time during the *income year, a liability to pay franking deficit tax or over-franking tax, or 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 1 and 2 above, then it is only required to