Document ID: chunk:federal_register_of_legislation:C2007A00079:clause:1_42
Version: federal_register_of_legislation:C2007A00079
Segment Type: clause
Provision Reference: sch 1 cl 42
Character Range: 23456–24293

42  After subsection 214‑60(1)
Insert:

 (1A) However, the Commissioner must not make an assessment under subsection (1) for an entity for an income year if:
 (a) the entity is not required under Subdivision 214‑A to give the Commissioner a *franking return for the income year; and
 (b) the entity is not required under Division 214 of the Income Tax (Transitional Provisions) Act 1997 to give the Commissioner a franking return for the balancing period ending within the income year; and
 (c) the entity was required to lodge an *income tax return for the income year by a particular time; and
 (d) the entity has lodged that income tax return; and
 (e) 3 years have passed since the later of the following:
 (i) the time mentioned in paragraph (c);
 (ii) the time when the entity lodged that income tax return.

Part 4—Application