Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_3:p1
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 3 (pt 1/10)
Character Range: 396448–399350

3  After Division 210
Insert:

Division 214—Administering the imputation system

Table of Subdivisions

 Guide to Division 214
214‑A Franking returns
214‑B Franking assessments
214‑C Amending franking assessments
214‑D Collection and recovery
214‑E Records, information and tax agents

Guide to Division 214

Table of sections

214‑1 Purpose of the system
214‑5 Key features

214‑1  Purpose of the system

  These provisions:
 (a) allow the Commissioner to gather sufficient information to determine whether tax is payable by a corporate tax entity under the imputation system; and
 (b) provide for the Commissioner to assess the amount of tax that is payable; and
 (c) specify when the tax is payable; and
 (d) establish systems to support the assessment and collection of the tax.

214‑5  Key features

 (1) Initial information about a corporate tax entity's franking activities is provided by means of a return, called a franking return, given by the entity to the Commissioner.

 (2) The Commissioner is able to require corporate tax entities to give a franking return for an income year by publishing a notice in the Gazette.

 (3) The Commissioner is also able to require a particular corporate tax entity to give a franking return for one or more income years. The Commissioner might do this, for example, if the Commissioner wishes to audit the corporate tax entity's franking activities over a number of years.

 (4) The Commissioner may assess whether tax is payable under the imputation system and the amount of that tax.

 (5) In most cases, this is done by treating the first return of a corporate tax entity for an income year as an assessment by the Commissioner. To this extent, there is self‑assessment.

 (6) An assessment by the Commissioner is conclusive evidence of a corporate tax entity's tax liabilities under the imputation system, except for the purposes of objection, review and appeal processes under Part IVC of the Tax Administration Act 1953 (see section 177 of the Income Tax Assessment Act 1936 and sections 214‑50 and 214‑85 of this Act).

 (7) Assessments can be amended by the Commissioner within certain time limits.

Subdivision 214‑A—Franking returns

Guide to Subdivision 214‑A

214‑10  What this Subdivision is about

      A franking return for an income year provides the Commissioner with information about a corporate tax entity's franking activities during that year.

Table of sections

Operative provisions

214‑15 Notice to give a franking return—general notice
214‑20 Notice to a specific corporate tax entity
214‑25 Content and form of a franking return
214‑30 Franking account balance
214‑35 Venture capital sub‑account balance
214‑40 Meaning of franking tax
214‑45 Effect of a refund on franking returns
214‑50 Evidence

[This is the end of the Guide.]

Operative provisions

214‑15  Notice to give a franking return—general notice

 (1)