Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p6
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 6/20)
Character Range: 3701619–3704492

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 franking 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 Taxation Administration Act 1953 (see section 350‑10 in Schedule 1 to the Taxation Administration Act 1953).
 (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 Requirement to give franking return—general
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

Operative provisions

214‑15  Requirement to give franking return—general
 (1) The Commissioner may, by legislative instrument, require each *corporate tax entity to which the instrument applies to give the Commissioner a *franking return for a specified income year.
 (2) An entity to which the instrument applies must comply with the requirement within the time specified in the instrument.
Note: The Commissioner may defer the time for giving the return: see section 388‑55 in Schedule 1 to the Taxation Administration Act 1953.

214‑20  Notice to a specific corporate tax entity
 (1) The Commissioner may give a *corporate tax entity a written notice requiring the entity to give the Commissioner a *franking return for an income year specified in the notice.
 (2) The entity must comply with the requirement within the time specified in the notice, or within any further time allowed by the Commissioner.
 (3) The entity must comply with the requirement regardless of whether the entity has given, or has been required to give, the Commissioner a *franking return.

214‑25  Content and form of a franking return
 (1) A *corporate tax entity must include the following information in its *franking return for an income year:
 (a) if the entity is a *franking entity at