Document ID: chunk:federal_register_of_legislation:C2004A00975:clause:1_1:p19
Version: federal_register_of_legislation:C2004A00975
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 19/20)
Character Range: 48082–51015

that is greater than the amount worked out using the following formula:

 (3) The notice must also state:
 (a) the *benchmark franking percentage for the current franking period; and
 (b) the benchmark franking percentage for the last relevant franking period.

 (4) The notice must be in the *approved form.

204‑80  Commissioner may require information where the Commissioner suspects streaming

 (1) If the *benchmark franking percentage for an entity for a *franking period (the current franking period) *differs significantly from the benchmark franking percentage for the entity for the last franking period in which a *frankable distribution was made (the last relevant franking period), the Commissioner may request the entity to give the Commissioner the following information:
 (a) the entity's reasons for setting a benchmark franking percentage for the current franking period that differs significantly from the benchmark franking percentage for the last relevant franking period; and
 (b) the *franking percentages for all *frankable distributions made in the current franking period and the last relevant franking period; and
 (c) details of any other benefits given to the entity's *members, either by the entity or an *associate of the entity, during the period beginning at the beginning of the last relevant franking period and ending at the end of the current franking period; and
 (d) whether any member of the entity has derived, or will derive, a *greater benefit from franking credits than another member of the entity as a result of the variation in the benchmark franking percentage between the current franking period and the last relevant franking period; and
 (e) any other information required by the *approved form that is relevant in determining whether the entity is streaming *distributions.

 (2) The entity must comply with the Commissioner's request.

Division 205—Franking accounts

Guide to Division 205

205‑1  What this Division is about

      This Division:
         • creates a franking account for each entity that is, or has been, a corporate tax entity; and
         • identifies when franking credits and debits arise in those accounts and the amount of those credits and debits; and
         • identifies when there is a franking surplus or deficit in the account; and
         • creates a liability to pay franking deficit tax if the account is in deficit at certain times.

Table of sections

205‑5 The franking account

Operative provisions

205‑10 Each entity that is or has been a corporate tax entity has a franking account
205‑15 Franking credits
205‑20 Paying a PAYG instalment or income tax
205‑25 Residency requirement for an event giving rise to a franking credit or franking debit
205‑30 Franking debits
205‑35 Refund of income tax
205‑40 Franking surplus and deficit
205‑45 Franking deficit tax
205‑50 Deferring franking deficit

205‑5  The franking account

 (1)