Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 9/20)
Character Range: 3709136–3711697

during the income year—its franking account balance immediately before it ceased to be a franking entity; and
 (c) if a corporate tax entity is a *PDF at the end of the income year—its *venture capital sub‑account balance at the end of the income year; and
 (d) if a corporate tax entity ceased to be a PDF during the income year—its venture capital sub‑account balance immediately before it ceased to be a PDF; and
 (e) the amounts (if any) of *franking tax which the entity is liable to pay because of events that have occurred, or are taken to have occurred, during the income year.
This is a franking assessment for the entity for the income year.
 (1A) However, the Commissioner must not make an assessment under subsection (1) for an entity for an income year if:
 (a) the entity is not required under Subdivision 214‑A to give the Commissioner a *franking return for the income year; and
 (b) the entity is not required under Division 214 of the Income Tax (Transitional Provisions) Act 1997 to give the Commissioner a franking return for the balancing period ending within the income year; and
 (c) the entity was required to lodge an *income tax return for the income year by a particular time; and
 (d) the entity has lodged that income tax return; and
 (e) 3 years have passed since the later of the following:
 (i) the time mentioned in paragraph (c);
 (ii) the time when the entity lodged that income tax return.
 (2) The Commissioner must give the entity notice of the assessment as soon as practicable after making the assessment.

214‑65  Commissioner taken to have made a franking assessment on first return
 (1) If:
 (a) a *corporate tax entity gives the Commissioner a *franking return for an income year on a particular day (the return day); and
 (b) the return is the first franking return given by the entity for the year; and
 (c) the Commissioner has not already made a *franking assessment for the entity for the year;
the Commissioner is taken to have made a franking assessment for the entity for the year 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 entity's *venture capital sub‑account balance (if any) at a particular time as that stated in the return as the balance at that time; and
 (f) the amounts (if any) of *franking tax payable by the entity because of events that have occurred, or are taken to have occurred, during that income year as those stated in the return.
 (2) The return is taken