Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p11
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 11/21)
Character Range: 375207–378004

Part IIIAA of the 1936 Act at the end of 30 June 2002; and
 (b) a venture capital debit arises on 1 July 2002 in the venture capital sub‑account established under section 210‑100 of the 1997 Act for the PDF.
 (5) The amount of the venture capital debit is worked out using the formula:

Division 214—Administering the imputation system

Table of sections
214‑1 Application
214‑5 Entity must give a franking return
214‑10 Notice to a specific corporate tax entity
214‑15 Effect of a refund on franking returns
214‑20 Franking returns for the income year
214‑25 Commissioner may make a franking assessment
214‑30 Commissioner taken to have made a franking assessment on first return
214‑35 Amendments within 3 years of the original assessment
214‑40 Amended assessments are treated as franking assessments
214‑45 Further return as a result of a refund affecting a franking deficit tax liability
214‑50 Later amendments—on request
214‑55 Later amendments—failure to make proper disclosure
214‑60 Later amendments—fraud or evasion
214‑65 Further amendment of an amended particular
214‑70 Other later amendments
214‑75 Amendment on review etc.
214‑80 Notice of amendments
214‑85 Validity of assessment
214‑90 Objections
214‑95 Evidence
214‑100 Due date for payment of franking tax
214‑105 General interest charge
214‑110 Refunds of amounts overpaid
214‑120 Record keeping
214‑125 Power of Commissioner to obtain information
214‑135 Interpretation

214‑1  Application
  This Division applies to a corporate tax entity if a liability to pay franking deficit tax arises for the entity under section 205‑25 of this Act because of events that occur within a period of 12 months ending on 30 June in any year (the balancing period).

214‑5  Entity must give a franking return
 (1) The entity must give the Commissioner a franking return for the balancing period setting out the following information before the end of the month immediately following the end of the period:
 (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.
 (2) The return must be in writing in the approved form.

214‑10  Notice to a specific corporate tax entity
 (1) The Commissioner may give the entity a written notice requiring the entity to give the Commissioner a franking return for the balancing period.
 (2) The entity must comply with the requirement within the time