Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 11/20)
Character Range: 3714028–3716755

entity for the year.

214‑105  Further return as a result of a refund affecting a franking deficit tax liability
 (1) If:
 (a) a *franking assessment for a *corporate tax entity for an income year has been made; and
 (b) on a particular day (the further return day) the entity gives the Commissioner a further *franking return for the income year under subsection 214‑45(1) (because the entity has *received a refund of income tax that affects its liability to pay *franking deficit tax);
the Commissioner is taken to have amended the entity's franking assessment on the further return day, and to have assessed:
 (c) the entity's *franking account balance at a particular time as that stated in the further return as the balance at that time; and
 (d) the entity's *venture capital sub‑account balance (if any) at a particular time as that stated in the further return as the balance at that time; and
 (e) the amounts (if any) of *franking tax payable by the entity because of events that have occurred, or are taken to have occurred, during that income year as those stated in the further return.
 (2) The further return is taken to be notice of the amended assessment signed by the Commissioner and given to the entity on the further return day.

214‑110  Later amendments—on request
  The Commissioner may amend a *franking assessment for a *corporate tax entity for an income year after the end of the period of 3 years after the *original franking assessment day for the entity for the year if, within that 3 year period:
 (a) the entity applies for the amendment; and
 (b) the entity gives the Commissioner all the information necessary for making the amendment.

214‑115  Later amendments—failure to make proper disclosure
 (1) If:
 (a) a *corporate tax entity does not make a full and true disclosure to the Commissioner of the information necessary for a *franking assessment for the entity for an income year; and
 (b) in making the assessment, the Commissioner makes an *under‑assessment; and
 (c) the Commissioner is not of the opinion that the under‑assessment is due to fraud or evasion;
the Commissioner may amend the assessment at any time during the period of 6 years after the *original franking assessment day for the entity for the year.
 (2) The Commissioner makes an under‑assessment in a *franking assessment (the earlier assessment) if, in amending the earlier assessment, the Commissioner would have to do one or more of the following for the amended assessment to be correct:
 (a) reduce the *franking surplus (including to a nil balance);
 (b) increase the *franking deficit (including from a nil balance);
 (c) increase *franking tax payable.

214‑120  Later amendments—fraud or evasion
  If:
 (a)