Document ID: chunk:federal_register_of_legislation:F2024L00550:reg:9
Version: federal_register_of_legislation:F2024L00550
Segment Type: reg
Provision Reference: reg 9
Character Range: 25005–25889

9  Requirement to lodge a franking return
  Under section 214-15 of the ITAA 1997, a corporate tax entity is required to lodge a franking return for the 2024 year if:
 (a) the entity, at any time during the 2024 year, incurred a liability to pay franking deficit tax or over-franking tax, or had an obligation to disclose information to the Commissioner under section 204-75 of the ITAA 1997; or
 (b) a refund of income tax was taken to have been paid to the entity at any time during the 2024 year under section 205-50 of the ITAA 1997.
Note: Late balancing corporate tax entities that elect to use 30 June as a basis for determining their franking deficit tax liability under the rules contained in Division 205 of the ITTPA 1997 are required to lodge a franking return and meet their liability for franking deficit tax under the rules contained in Division 214 of the ITTPA 1997.