(a) the entity gives the Commissioner a franking return under section 214-5 or 214-10 of this Act on a particular day (the return day ); and
(b) the return is the first franking return given to the Commissioner by the entity for the balancing period; and
(c) the Commissioner has not already made a franking assessment for the entity for that period;
the Commissioner is taken to have made a franking assessment for the entity for the period on the return day, and to have assessed:
(d) the entity's franking account balance at a particular time as that stated in the return as the balance at that time; and
(e) the amount (if any) of franking deficit tax payable by the entity because of events that have occurred, or are taken to have occurred, during the period as those stated in the return.
(2) The return is taken to be notice of the assessment signed by the Commissioner and given to the entity on the return day.