Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_13:p3
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 13 (pt 3/7)
Character Range: 425845–428460

must give the entity notice of the assessment as soon as practicable after making the assessment.

 (3) The notice may be included in a notice of any other assessment under this Act.

214‑30  Commissioner taken to have made a franking assessment on first return

 (1) If:
 (a) the entity gives the Commissioner a franking return under section 214‑5 or 214‑10 of this Act on a particular day (the return day); and
 (b) the return is the first franking return given to the Commissioner by the entity for the balancing period; and
 (c) the Commissioner has not already made a franking assessment for the entity for that period;
the Commissioner is taken to have made a franking assessment for the entity for the period 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 amount (if any) of franking deficit tax payable by the entity because of events that have occurred, or are taken to have occurred, during the period 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.

214‑35  Amendments within 3 years of the original assessment

 (1) The Commissioner may amend a franking assessment for the entity for the balancing period at any time during the period of 3 years after the original assessment day for the entity for the period.

 (2) The original assessment day for the entity for the balancing period is the day on which the first franking assessment for the entity for the period is made.

214‑40  Amended assessments are treated as franking assessments

  Once an amended franking assessment for the entity for the balancing period is made, it is taken to be a franking assessment for the entity for the period.

214‑45  Further return as a result of a refund affecting a franking deficit tax liability

 (1) If:
 (a) a franking assessment for the entity for the balancing period has been made; and
 (b) on a particular day (the further return day) the entity gives the Commissioner a further return for the balancing period under subsection 214‑15(1) of this Act (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 amount of franking deficit tax