Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p13
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 13/21)
Character Range: 380137–382732

balancing period is in addition to any franking return that the entity is required to give to the Commissioner under Subdivision 214‑A of the Income Tax Assessment Act 1997 for the income year in which the balancing period ends.
 (2) However, if an entity is required to give a franking return for a balancing period, it is not required to include in its franking return for the income year in which that period ends anything that should have been included in the franking return for the balancing period.

214‑25  Commissioner may make a franking assessment
 (1) The Commissioner may make an assessment of:
 (a) if the entity is a franking entity at the end of the balancing period—its franking account balance at the end of the period; and
 (b) if the entity ceases to be a franking entity during the balancing period—its franking account balance immediately before it ceased to be a franking entity; and
 (c) the amount (if any) of franking deficit tax that the entity is liable to pay under section 205‑25 of this Act because of events that have occurred, or are taken to have occurred, during the balancing period.
This is a franking assessment for the entity for the balancing period.
 (2) The Commissioner must give the entity notice of the assessment as soon as practicable after making the assessment.

214‑30  Commissioner taken to have made a franking assessment on first return
 (1) If:
 (a) the entity gives the Commissioner a franking return under section 214‑5 or 214‑10 of this Act on a particular day (the return day); and
 (b) the return is the first franking return given to the Commissioner by the entity for the balancing period; and
 (c) the Commissioner has not already made a franking assessment for the entity for that period;
the Commissioner is taken to have made a franking assessment for the entity for the period 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 amount (if any) of franking deficit tax payable by the entity because of events that have occurred, or are taken to have occurred, during the period as those stated in the return.
 (2) The return is taken to be notice of the assessment signed by the Commissioner and given to the entity on the return day.

214‑35  Amendments within 3 years of the original assessment
 (1) The Commissioner may amend a franking assessment for the entity for the balancing period at any time during the period of 3 years after the original assessment day for the entity for the period.
 (2) The