When to lodge and pay
Generally, the Franking account tax return must be lodged, and the FDT liability and OFT liability must be paid, on the last day of the month following the end of the income year.
Late balancing corporate tax entities that elect to have their FDT liability determined on a 30 June basis must lodge a Franking account tax return by 31 July each year. This date is also the date by which the FDT is payable. There are different lodgment obligations in relation to OFT liabilities and disclosure obligations for these entities. For more information, see Late balancing corporate tax entities that elect to have their FDT liability determined on 30 June.
There are some different lodgment and payment rules that arise for certain refunds received within 3 months after:
- the end of the income year (or the period ending 30 June for certain late balancing corporate tax entities)
- a corporate tax entity ceases to be a franking entity.
For more information on these different lodgment and payment rules, see A refund of income tax affecting a FDT liability.
For subsidiary members of a consolidated group, where the head company has not notified us of the group’s formation, each group member may still be obliged to lodge a Franking account tax return and pay any franking tax liability. This obligation exists until we receive notification of the group’s formation. If the subsidiary member believes it will not have an obligation to lodge a Franking account tax return because it will be a member of a consolidated group for the full income year, it may request a deferral of time to lodge.
If the company does not subsequently form part of a consolidated group, the company will have to lodge a return and pay any franking tax amount owing. General interest charges may be applied back to the original due date.
If the company lodges a return and pays its franking tax liability on the due date, and, subsequently, the head company notifies us that the company was a subsidiary member for the full year, the subsidiary member will need to contact us to amend the return to zero and request a refund of any franking tax amount paid for this tax return.
Where to lodge
Post your Franking account tax return 2021 with your payment to:
Australian Taxation Office
Locked Bag 1793
PENRITH NSW 1793
Paying your tax debt
The franking tax payable by a corporate tax entity for an income year becomes due and payable on the statutory due date, which is the last day of the month following the end of the income year (or the 12-month period ending on 30 June). For example, for late balancing corporate tax entities that elect to have their FBT liability determined on a 30 June basis the statutory due date is 31 July.
The Commissioner may allow later lodgment and payment dates, see Due dates.
We offer a range of convenient payment options. For the full list of payment options, see How to pay.
Your payments must reach us on or before the due date. When you use a valid payment reference number (PRN), your payment may take up to 4 business days to appear on your ATO account.
General interest charge (GIC) will be applied to any outstanding amounts owing after the due date.