Document ID: chunk:federal_register_of_legislation:C2004A00975:clause:1_1:p8
Version: federal_register_of_legislation:C2004A00975
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 8/20)
Character Range: 19654–22568

have regard to:
 (a) the number of recipients to whom an amended *distribution statement would be made; and
 (b) whether the date for lodgment of *income tax returns by recipients of *distributions of the specified class for the income year in which the distributions were made has passed; and
 (c) whether, if the *franking credit on the specified distributions were changed in accordance with the entity's application, there would be any difference in the *withholding tax liability of the recipients; and
 (d) whether amending the distribution statements as requested by the entity would lead to a breach of the *benchmark rule, or any of the rules in Division 204 (the anti‑streaming rules); and
 (e) whether amending the distribution statements as requested by the entity would lead to a new *benchmark franking percentage being set for the entity for the *franking period in which the distributions were made; and
 (f) any other matters that the Commissioner considers relevant.

Applying to the Commissioner

 (5) The entity must:
 (a) make its application under this section in writing; and
 (b) include in the application all information relevant to the matters to which the Commissioner must have regard under:
 (i) subsection (2), if the application relates to a *distribution; or
 (ii) subsection (4), if the application relates to a class of distributions.

Review

 (6) If the entity or a *member of the entity is dissatisfied with a determination under subsection (3), the entity or member may object to it in the manner set out in Part IVC of the Taxation Administration Act 1953.

Division 203—Benchmark rule

Guide to Division 203

203‑1  What this Division is about

      Distributions within a particular period must all be franked to the same extent.

Table of sections

203‑5 Benchmark rule
203‑10 Benchmark franking percentage

Operative provisions

203‑15 Object
203‑20 Application of the benchmark rule
203‑25 Benchmark rule
203‑30 Setting a benchmark franking percentage
203‑35 Franking percentage
203‑40 Franking periods—where the entity is not a private company
203‑45 Franking period—private companies
203‑50 Consequences of breaching the benchmark rule
203‑55 Commissioner's powers to permit a departure from the benchmark rule

203‑5  Benchmark rule

 (1) A corporate tax entity must frank all frankable distributions made within a particular period at a franking percentage set as the benchmark for that period. This is the benchmark rule.

 (2) The benchmark rule does not apply to some corporate tax entities. Those entities are identified in section 203‑20.

203‑10  Benchmark franking percentage

 (1) The benchmark franking percentage for an entity is set by reference to the franking percentage for the first frankable distribution made by the entity during the relevant period.

 (2) An entity has a benchmark franking percentage, even if it is not subject to the