Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_3:p7
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 3 (pt 7/10)
Character Range: 411361–414188

entity applies for the amendment; and
 (b) the entity gives the Commissioner all the information necessary for making the amendment.

214‑115  Later amendments—failure to make proper disclosure

 (1) 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 not of the opinion that the under‑assessment is due to fraud or evasion;
the Commissioner may amend the assessment at any time during the period of 6 years after the *original franking assessment day for the entity for the year.

 (2) The Commissioner makes an under‑assessment in a *franking assessment (the earlier assessment) if, in amending the earlier assessment, the Commissioner would have to do one or more of the 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.

214‑130  Other later amendments

  In a case not covered by section 214‑110, 214‑115, 214‑120 or 214‑125, the Commissioner may amend the *franking assessment for a *corporate tax entity for an income year after the period of 3 years after the *original assessment day has expired, but not 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