(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.