Document ID: chunk:federal_register_of_legislation:C2025C00029:section:11:p62
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 11 (pt 62/64)
Character Range: 3457274–3460205

streaming.

Table of sections

Operative provisions
204‑70 Application of this Subdivision
204‑75 Notice to the Commissioner
204‑80 Commissioner may require information where the Commissioner suspects streaming

Operative provisions

204‑70  Application of this Subdivision
 (1) This Subdivision applies to an entity if the difference between:
 (a) the *benchmark franking percentage for the entity for a *franking period (the current franking period); and
 (b) the benchmark franking percentage for the entity for the last franking period in which a *frankable distribution was made (the last relevant franking period);
is more than the amount worked out using the following formula (whether the percentage for the current franking period is more than or less than the percentage for the last relevant franking period):
 (2) However, this Subdivision does not apply to an entity to which the benchmark rule does not apply.
Note: Section 203‑20 identifies the entities to which the benchmark rule does not apply.

204‑75  Notice to the Commissioner
 (1) The entity must notify the Commissioner in writing of the difference.
 (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 and must be given to the Commissioner:
 (a) if the entity is required to give the Commissioner a *franking return for the income year in which the current franking period occurs—with that return; or
 (b) otherwise—within one month after the end of the income year in which the current franking period occurs.
Note: See Subdivision 214‑A for requirements to give the Commissioner franking returns.

204‑80  Commissioner may require information where the Commissioner suspects streaming
 (1) 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