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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 214.25

Commissioner may make a franking assessment

             (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.



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