Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_3:p2
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 3 (pt 2/10)
Character Range: 399079–401780

account balance
214‑35 Venture capital sub‑account balance
214‑40 Meaning of franking tax
214‑45 Effect of a refund on franking returns
214‑50 Evidence

[This is the end of the Guide.]

Operative provisions

214‑15  Notice to give a franking return—general notice

 (1) The Commissioner may publish a notice in the Gazette requiring each *corporate tax entity to which the notice applies to give the Commissioner a *franking return for an income year specified in the notice.

 (2) An entity to which the notice applies must comply with the requirement within the time specified in the notice, or within any further time allowed by the Commissioner.

214‑20  Notice to a specific corporate tax entity

 (1) The Commissioner may give a *corporate tax entity a written notice requiring the entity to give the Commissioner a *franking return for an income year specified in the notice.

 (2) The entity must comply with the requirement within the time specified in the notice, or within any further time allowed by the Commissioner.

 (3) The entity must comply with the requirement regardless of whether the entity has given, or has been required to give, the Commissioner a return under section 214‑15.

214‑25  Content and form of a franking return

 (1) A *corporate tax entity must include the following information in its *franking return for an income year:
 (a) if the entity is a *franking entity at the end of the income year—its *franking account balance at the end of the income year; and
 (b) if the entity ceased to be a franking entity during the income year—its franking account balance immediately before it ceased to be a franking entity; and
 (c) if the entity is a *PDF at the end of the income year—its *venture capital sub‑account balance at the end of the income year; and
 (d) if the entity ceased to be a PDF during the income year—its venture capital sub‑account balance immediately before it ceased to be a PDF; and
 (e) the amounts (if any) of *franking tax which the entity is liable to pay because of events that have occurred, or are taken to have occurred, during the income year; and
 (f) any other information required by the Commissioner for the purposes of administering this Part.

 (2) The return must be in writing in the approved form.

214‑30  Franking account balance

  A *corporate tax entity's franking account balance at a particular time is:
 (a) if the entity has a *franking surplus or a *franking deficit at that time—the amount of the surplus or deficit; or
 (b) if the entity does not have a franking surplus or a franking deficit at that time—nil.

214‑35  Venture capital sub‑account balance

  A *PDF's venture capital sub‑account balance at a