Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_3:p3
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 3 (pt 3/10)
Character Range: 401536–404162

at that time—the amount of the surplus or deficit; or
 (b) if the entity does not have a franking surplus or a franking deficit at that time—nil.

214‑35  Venture capital sub‑account balance

  A *PDF's venture capital sub‑account balance at a particular time is:
 (a) if the PDF has a *venture capital surplus or a *venture capital deficit at that time—the amount of the surplus or deficit; or
 (b) if the entity does not have a venture capital surplus or a venture capital deficit at that time—nil.

214‑40  Meaning of franking tax

  Each of the following is a franking tax:
 (a) *franking deficit tax;
 (b) *over‑franking tax;
 (c) *venture capital deficit tax.

214‑45  Effect of a refund on franking returns

If no franking return is outstanding

 (1) If:
 (a) a *corporate tax entity receives a *refund of income tax; and
 (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay *franking deficit tax because of the operation of subsection 205‑50(2) or (3); and
 (c) when the refund is received, the entity does not have a *franking return that is *outstanding for the income year in which the liability arose;
the entity must give the Commissioner a franking return for the income year within 14 days after the refund is received.

Refund received within 14 days before an outstanding franking return is due

 (2) If:
 (a) an entity receives a *refund of income tax; and
 (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay *franking deficit tax because of the operation of subsection 205‑50(2) or (3); and
 (c) when the refund is received, the entity has a *franking return that is *outstanding for the income year in which the liability arose; and
 (d) the entity receives the refund within the period of 14 days ending on the day by which the outstanding return must be given to the Commissioner;
the entity may, instead of accounting for the liability, or increased liability, in the outstanding return, account for it in a further return given to the Commissioner within 14 days after the refund is received.

Meaning of outstanding

 (3) A *franking return for an income year is outstanding at a particular time if each of the following is true at that time:
 (a) the *corporate tax entity has been required to give a *franking return for the income year;
 (b) the time within which the franking return must be given has not yet passed;
 (c) the franking return has not yet been given.

214‑50  Evidence

  Section 177 of the Income Tax Assessment Act 1936 applies as if a reference in that section to a return included a reference