Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_3:p8
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 3 (pt 8/10)
Character Range: 413948–416727

so as to *reduce the assessment.

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

 (1) 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.

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

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
214‑165 Security for payment of tax

[This is the end of the Guide.]

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 payable.

Amended assessments—other than because of deficit deferral

 (3) If:
 (a) the Commissioner amends a *franking assessment (the earlier assessment) other than because of the operation of section 214‑105 (an amendment because of a refund of tax that affects *franking deficit tax liability); and
 (b) the amount of *franking tax of a particular type payable under the amended assessment exceeds the amount of franking tax of that type payable under the earlier assessment;
the excess amount is due and payable one month after the day on which the assessment was amended.

Tax payable because of deficit deferral

 (4) If:
 (a) a *corporate tax entity receives a *refund of income tax; and
 (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay *franking deficit tax because of the operation of subsection 205‑50(2) or (3);
the franking deficit tax or, if there is an increase in an existing liability to pay franking deficit tax, the difference between the original liability and the increased liability, is due and payable on:
 (c) if the entity accounts for the