Document ID: chunk:federal_register_of_legislation:C2025C00029:section:11:p48
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 11 (pt 48/64)
Character Range: 3421379–3424196

in which the distribution is made; or
 (b) before the time determined by the Commissioner under subsection (5);
whichever is later.
 (4) However, the entity is not allowed to give the statement at a later time under subsection (3) if the statement indicates that a *franking credit has been allocated to the *distribution and the franking credit would, either alone or when added to other franking credits allocated to other distributions made by the entity during the income year, result in the entity having a liability for *franking deficit tax, or an increased liability for franking deficit tax, at the end of the income year.
Note: The combined effect of subsections (3) and (4) is that a private company can retrospectively frank a distribution, but not so as to create or increase a liability for franking deficit tax.
 (5) The Commissioner may determine in writing that a *private company may give the statement before a time specified in the determination.

202‑80  Distribution statement
 (1) A distribution statement is a statement made in accordance with this section.
 (2) The statement must be in the *approved form.
 (3) The statement must:
 (a) identify the entity making the distribution; and
 (b) state the date on which the distribution is made; and
 (c) state the amount of the distribution; and
 (d) state that there is a *franking credit of an amount specified on the distribution; and
 (e) state the *franking percentage for the distribution; and
 (f) state the amount of any *withholding tax that has been deducted from the distribution by the entity; and
 (g) include any other information required by the *approved form that is relevant to imputation generally or the distribution.
Note: Under the Taxation Administration Act 1953 it is an offence to fail to give a statement required under this Subdivision, or make a misleading statement in connection with a distribution (whether franked or not).

202‑85  Changing the franking credit on a distribution by amending the distribution statement

Changing the franking credit on a specified distribution
 (1) The Commissioner may, on application by an entity, determine in writing that the entity may change the *franking credit on a specified *distribution by amending the *distribution statement for the distribution.
 (2) In deciding whether to make a determination under subsection (1), the Commissioner must have regard to:
 (a) whether the date for lodgment of an *income tax return by the recipient of the specified *distribution for the income year in which the distribution was made has passed; and
 (b) whether, if the *franking credit on the specified distribution were changed in accordance with the entity's application, there would be any difference in the *withholding tax liability of the recipient; and
 (c) whether amending