Document ID: chunk:federal_register_of_legislation:F2023L00533:body:0:p11
Version: federal_register_of_legislation:F2023L00533
Segment Type: other
Provision Reference: 
Character Range: 26654–29306

deficit tax under the rules contained in Division 214 of the ITTPA 1997.

A late balancing corporate tax entity may elect to have its franking deficit tax liability determined on 30 June 2023. Where the entity elects this and incurs a liability to pay franking deficit tax under Division 205 of the ITTPA 1997, the franking return must be lodged in the *approved form by 31 July 2023; unless the franking deficit tax payment date is listed in the taxation law where a refund of income tax is received, then the lodgment date is that date (namely, 14 days after that refund is received).

5.3  Lodgment of a venture capital deficit tax return

Under section 214-15 of the ITAA 1997, I require a corporate tax entity to lodge a venture capital deficit tax return for the *income year if the entity has a liability to pay venture capital deficit tax under section 210-135 of the ITAA 1997.

A corporate tax entity that does not have a liability to pay venture capital deficit tax is not required to lodge a venture capital deficit tax return.

Date of lodgment of venture capital deficit tax return

The venture capital deficit tax return must be lodged in the *approved form by the last day of the first month following the end of the *income year.

5.4  Requirement to lodge an ancillary fund return

An entity that is a trustee of a public ancillary fund (within the meaning of subsection 426‑102(1) of Schedule 1 to the TAA) or a private ancillary fund (within the meaning of subsection 426-105(1) of Schedule 1 to the TAA) is required to lodge an ancillary fund return in the *approved form for the *income year, whether or not the ancillary fund is exempt from income tax.

Note:

       (a)            For public ancillary funds and private ancillary funds registered as a charity with the Australian Charities and Not-for-profits Commission (ACNC), the ACNC annual information statement that must be lodged with the ACNC Commissioner is the approved form for the ancillary fund return.

       (b)           A trustee of a public ancillary fund or a private ancillary fund that is not registered as a charity with the ACNC and that derived income (including capital gains) during the *income year is also required to lodge an income tax return under Table E of this instrument.

Date of lodgment of an ancillary fund return

An entity required to lodge an ancillary fund return must lodge the return:

       (1)           by 31 December 2023, if the entity's *year of income ends on 30 June 2023; or

       (2)           by the last day of the sixth month after the end of the entity's *adopted accounting period.

If an entity must give