Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_3:p5
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 3 (pt 5/10)
Character Range: 406421–409194

entity for the year; and
 (c) the Commissioner has not already made a *franking assessment for the entity for the year;
the Commissioner is taken to have made a franking assessment for the entity for the year on the return day, and to have assessed:
 (d) the entity's *franking account balance at a particular time as that stated in the return as the balance at that time; and
 (e) the entity's *venture capital sub‑account balance (if any) at a particular time as that stated in the return as the balance at that time; and
 (f) 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 return.

 (2) The return is taken to be notice of the assessment signed by the Commissioner and given to the entity on the return day.

214‑70  Part‑year assessment

 (1) The Commissioner may, at any time during an income year, make a *franking assessment for a *corporate tax entity for a particular period within that year as if the beginning and end of that period were the beginning and end of an income year.

 (2) This Part applies, for the purposes of that assessment, as if the beginning and end of the period were the beginning and end of an income year.

214‑75  Validity of assessment

  The validity of a *franking assessment is not affected because any of the provisions of this Act have not been complied with.

214‑80  Objections

  If a *corporate tax entity is dissatisfied with a *franking assessment made in relation to the entity, the entity may object against the assessment in the manner set out in Part IVC of the Taxation Administration Act 1953.

214‑85  Evidence

  Section 177 of the Income Tax Assessment Act 1936 applies as if a reference in that section to an assessment or a notice of assessment included a reference to a *franking assessment or a notice of a franking assessment, as required.

Subdivision 214‑C—Amending franking assessments

Guide to Subdivision 214‑C

214‑90  What this Subdivision is about

      The Commissioner may amend franking assessments within certain time limits.

Table of sections

Operative provisions

214‑95 Amendments within 3 years of the original assessment
214‑100 Amended assessments are treated as franking assessments
214‑105 Further return as a result of a refund affecting a franking deficit tax liability
214‑110 Later amendments—on request
214‑115 Later amendments—failure to make proper disclosure
214‑120 Later amendments—fraud or evasion
214‑125 Further amendment of an amended particular
214‑130 Other later amendments
214‑135 Amendment on review etc.
214‑140 Notice of amendments

[This is the end of the Guide.]

Operative provisions

214‑95  Amendments within 3 years of the