Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 12/20)
Character Range: 3716480–3719317

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) 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 of the opinion that the under‑assessment is due to fraud or evasion;
the Commissioner may amend the assessment at any time.

214‑125  Further amendment of an amended particular
 (1) If:
 (a) a *franking assessment has been amended (the first amendment) in any particular; and
 (b) the Commissioner is of the opinion that it would be just to further amend the assessment in that particular so as to *reduce the assessment;
the Commissioner may do so within a period of 3 years after the first amendment.
 (2) The Commissioner reduces a franking assessment if the Commissioner amends the assessment by doing one or more of the following:
 (a) increasing the *franking surplus (including from a nil balance);
 (b) decreasing the *franking deficit (including to a nil balance);
 (c) decreasing *franking tax payable.

214‑135  Amendment on review etc.
  Nothing in this Subdivision prevents the amendment of a *franking assessment:
 (a) to give effect to a decision on a review or appeal; or
 (b) to *reduce the assessment as a result of an objection made under this Act or pending an appeal or review.

214‑140  Notice of amendments
  If the Commissioner amends an entity's *franking assessment, the Commissioner must give the entity notice of the amendment as soon as practicable after making the amendment.

Subdivision 214‑D—Collection and recovery

Guide to Subdivision 214‑D

214‑145  What this Subdivision is about
      Franking tax is due and payable at certain times and the general interest charge applies to unpaid amounts.

Table of sections

Operative provisions
214‑150 Due date for payment of franking tax
214‑155 General interest charge
214‑160 Refunds of amounts overpaid

Operative provisions

214‑150  Due date for payment of franking tax

General rule
 (1) Unless this section provides otherwise, *franking tax assessed for a *corporate tax entity because of events that have occurred, or are taken to have occurred, during an income year is due and payable on the last day of the month immediately following the end of the income year.

Part‑year assessments
 (2) *Franking tax payable because of an assessment under section 214‑70 (a part‑year assessment) is due and payable on the day specified in the notice of assessment as the day on which it is due and