Document ID: chunk:federal_register_of_legislation:F2017L00529:body:0:p11
Version: federal_register_of_legislation:F2017L00529
Segment Type: other
Provision Reference: 
Character Range: 26370–29112

returns, or any information, statement or document about the person's financial affairs for any year of income.

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    Exemption from requirement to lodge returns

    Nothing in this instrument prevents the Commissioner or an authorised officer of the Australian Taxation Office from granting an exemption from lodgment, whether conditional or not, for specific returns or classes of returns from time to time.

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    Lodgment of franking returns

    If a corporate tax entity incurs, at any time during its 2016-17 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 Income Tax Assessment Act 1997, it is required to lodge a franking return for that income year.

    A corporate tax entity is also required to lodge a franking return for its 2016-17 income year if a refund of income tax is taken by section 205-50 of the Income Tax Assessment Act 1997 to have been paid to the entity at any time during that year.

    If a corporate tax entity does not incur, during the income year, a liability to pay any amount of franking deficit tax or over-franking tax, or an obligation to disclose information under section 204-75 of the Income Tax Assessment Act 1997, and it has not received a refund of income tax mentioned above, then it is only required to lodge a franking return if it is specifically requested to do so by the Commissioner.

    Date of lodgment of franking return

    The franking return must be lodged in the approved form by the last day of the month following the end of the income year in which the liability was incurred, or the refund is taken to have been paid, or the disclosure obligation arose, except in certain cases. This is also the date on which the franking deficit tax and over-franking tax, if any, is payable.

    In certain cases where a refund of income tax is received the taxation law provides for a different payment date for franking deficit tax (namely, 14 days after that refund is received). In these cases the franking return accounting for that refund must be lodged by the payment date provided for in the law.

    Special rules for late balancing corporate tax entities that elect to use 30 June as a basis for determining their franking deficit tax liability

    Late balancing corporate tax entities that elect to use 30 June as a basis for determining their franking deficit tax liability in accordance with the rules contained in Division 205 of the Income Tax (Transitional Provisions) Act 1997 are required to lodge a franking return and meet their liability for franking deficit tax in accordance with the