Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 214.60

Commissioner may make a franking assessment

             (1)  The Commissioner may make an assessment of:

                     (a)  if a * corporate tax 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 a corporate tax 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 a corporate tax 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 a corporate tax 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.

This is a franking assessment for the entity for the income year.

          (1A)  However, the Commissioner must not make an assessment under subsection (1) for an entity for an income year if:

                     (a)  the entity is not required under Subdivision 214-A to give the Commissioner a * franking return for the income year; and

                     (b)  the entity is not required under Division 214 of the Income Tax (Transitional Provisions) Act 1997 to give the Commissioner a franking return for the balancing period ending within the income year; and

                     (c)  the entity was required to lodge an * income tax return for the income year by a particular time; and

                     (d)  the entity has lodged that income tax return; and

                     (e)  3 years have passed since the later of the following:

                              (i)  the time mentioned in paragraph (c);

                             (ii)  the time when the entity lodged that income tax return.

             (2)  The Commissioner must give the entity notice of the assessment as soon as practicable after making the assessment.



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