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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 214.5

Entity must give a franking return

  (1)   The entity must give the Commissioner a franking return for the balancing period setting out the following information before the end of the month immediately following the end of the period:

  (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.

  (2)   The return must be in writing in the approved form.


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