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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 214.45

Further return as a result of a refund affecting a franking deficit tax liability

             (1)  If:

                     (a)  a franking assessment for the entity for the balancing period has been made; and

                     (b)  on a particular day (the further return day ) the entity gives the Commissioner a further return for the balancing period under subsection 214-15(1) of this Act (because the entity has received a refund of income tax that affects its liability to pay franking deficit tax);

the Commissioner is taken to have amended the entity's franking assessment on the further return day, and to have assessed:

                     (c)  the entity's franking account balance at a particular time as that stated in the further return as the balance at that time; and

                     (d)  the amount 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 further return.

             (2)  The further return is taken to be notice of the amended assessment signed by the Commissioner and given to the entity on the further return day.



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