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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 214.15

Effect of a refund on franking returns

If no franking return is outstanding

             (1)  If:

                     (a)  the entity receives a refund of income tax; and

                     (b)  the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205-30(2) or (3) of this Act; and

                     (c)  when the refund is received, the entity does not have a franking return that is outstanding for the balancing period in which the liability arose;

the entity must give the Commissioner a franking return for the period within 14 days after the refund is received.

Refund received within 14 days before an outstanding franking return is due

             (2)  If:

                     (a)  the entity receives a refund of income tax; and

                     (b)  the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205-30(2) or (3) of this Act; and

                     (c)  when the refund is received, the entity does not have a franking return that is outstanding for the balancing period in which the liability arose; and

                     (d)  the entity receives the refund within the period of 14 days ending on the day by which the outstanding return must be given to the Commissioner;

the entity may, instead of accounting for the liability, or increased liability, in the outstanding return, account for it in a further return given to the Commissioner within 14 days after the refund is received.

Meaning of outstanding

             (3)  A franking return for a balancing period is outstanding at a particular time if each of the following is true at that time:

                     (a)  the entity has been required to give a franking return for the period;

                     (b)  the time within which the franking return must be given has not yet passed;

                     (c)  the franking return has not yet been given.



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