Document ID: chunk:federal_register_of_legislation:F2023L00533:body:0:p10
Version: federal_register_of_legislation:F2023L00533
Segment Type: other
Provision Reference: 
Character Range: 24085–26886

year;

       (2)           no beneficiary is presently entitled to a share of the income of the trust estate;

       (3)           the net income of the trust estate under section 95 of the ITAA 1936 is less than $18,201; and

       (4)           there are no non-resident beneficiaries of the trust estate.

Table P

Every *person who during the *income year derived *assessable income from sources in *Australia as a working holiday maker (within the meaning of subsection 3A(1) of the Income Tax Rates Act 1986), and:

       (1)           had no other *assessable income; and

       (2)           whose *taxable income (excluding any superannuation remainder or employment termination remainder) was less than $45,001.

    5. Other lodgment requirements
5.1  Lodgment of franking returns

Under section 214-15 of the ITAA 1997, I require a *corporate tax entity to lodge a franking return for the *income year if:

       (1)           the entity, at any time during the *income year, incurs a liability to pay franking deficit tax or over-franking tax, or has an obligation to disclose information to the Commissioner under section 204-75 of the ITAA 1997; or

       (2)           a refund of income tax is taken to have been paid to the entity at any time during the *income year under section 205-50 of the ITAA 1997.

Note:  If a corporate tax entity is not required to lodge a franking return because of subsections 5.1(1) and (2) above, then it is only required to lodge the return if it is specifically requested to do so by the Commissioner.

Date of lodgment of franking return

The franking return must be lodged by the last day of the month following the end of the *income year in which:

       (1)           the liability was incurred,

       (2)           the disclosure obligation arose, or

       (3)           the refund is taken to have been paid;

unless the franking deficit tax payment date is listed in the taxation law where a refund of income tax is received, then the lodgment date is that date (namely, 14 days after that refund is received).

Note:  The franking return must be in the approved form.

5.2  Special rules for late balancing corporate tax entities that elect to use 30 June as a basis for determining their franking deficit tax liability

Late balancing corporate tax entities that elect to use 30 June as a basis for determining their franking deficit tax liability, under the rules contained in Division 205 of the ITTPA 1997, are required to lodge a franking return and meet their liability for franking deficit tax under the rules contained in Division 214 of the ITTPA 1997.

A late balancing corporate tax entity may elect to have its franking deficit tax liability determined on 30 June 2023. Where the entity elects this and incurs