Document ID: chunk:federal_register_of_legislation:F2020L00564:body:0:p9
Version: federal_register_of_legislation:F2020L00564
Segment Type: other
Provision Reference: 
Character Range: 21585–24521

of Part III of the ITAA 1936.

Table M

Any *person that for the whole of the *income year was a subsidiary member of a:

       (1)           consolidated group (as defined in Division 703 of the ITAA 1997); or

       (2)           MEC group (as defined in Division 719 of the ITAA 1997).

Table N

A *person who:

       (1)           has made an election under former section 485AA of the ITAA 1936 or an election under paragraphs 830-10(2)(b) or 830-15(5)(b) of the ITAA 1997, so that:

           (a)           their interest is treated as an interest in a *foreign hybrid (under Division 830 of the ITAA 1997) for the *income year; and

           (b)           the interest does not pass the non-portfolio interest test within the meaning of section 960-195 of the ITAA 1997, ignoring interests held by associates of the holding entity;

       (2)           is an individual and the only income derived jointly (or in common) with another individual was:

           (a)           rent from a jointly owned property;

           (b)           interest from a jointly held account in a financial institution;

           (c)           dividends from jointly held shares;

    and were not in a partnership carrying on a business.

Note: A partner is required to include details of all relevant income, expenditure and deduction items, as well as distribution details in their own tax return.

Table O

Any trustee of a resident trust estate of a deceased person where each of the following apply:

       (1)           The deceased person died less than 3 years before the end of the *income year.

       (2)           No beneficiary is presently entitled to a share of the income of the trust estate.

       (3)           The net income of the trust estate under section 95 of the ITAA 1936 is less than $18,201.

       (4)           There are no non-resident beneficiaries of the trust estate.

Table P

Every *person who during the *income year derived *assessable income from sources in *Australia as a working holiday maker (within the meaning of subsection 3A(1) of the Income Tax Rates Act 1986), and:

       (1)           had no other *assessable income; and

       (2)           whose *taxable income (excluding any superannuation remainder or employment termination remainder) was less than $37,001.

    5. Other lodgment requirements
5.1  Lodgment of franking returns

Under section 214-15 of the ITAA 1997, I require a *corporate tax entity to lodge a franking return for the *income year if:

       (1)           the entity, at any time during the *income year, incurs a liability to pay franking deficit tax or over-franking tax, or has an obligation to disclose information to the Commissioner under section 204-75 of the ITAA 1997; or

       (2)           a refund of income tax is taken to have been paid to the entity at any time during the *income year under section 205-50 of the ITAA 1997.