Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 214.25

  (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.