Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 8/20)
Character Range: 3706645–3709368

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 or *receives a refund of diverted profits 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.

Subdivision 214‑B—Franking assessments

Guide to Subdivision 214‑B

214‑55  What this Subdivision is about
      The Commissioner may make an assessment of a corporate tax entity's liability to pay franking tax, and the franking account balance and the venture capital sub‑account balance on which that liability is based. An entity's first franking return for an income year is treated as an assessment by the Commissioner. To this extent, there is self‑assessment.

Table of sections

Operative provisions
214‑60 Commissioner may make a franking assessment
214‑65 Commissioner taken to have made a franking assessment on first return
214‑70 Part‑year assessment
214‑75 Validity of assessment
214‑80 Objections

Operative provisions

214‑60  Commissioner may make a franking assessment
 (1) The Commissioner may make an assessment of:
 (a) if a *corporate tax entity is a *franking entity at the end of the income year—its *franking account balance at the end of the income year; and
 (b) if a corporate tax entity ceased to be a franking entity during the income year—its franking account balance immediately before it ceased to be a franking entity; and
 (c) if a corporate tax entity is a *PDF at the end of the income year—its *venture capital sub‑account balance at the end