Taxation Laws Amendment (Self Assessment) Act 1992 (101 of 1992)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

17   Before section 160ARX

Before section 160ARX of the Principal Act the following sections are inserted in Division 11 of Part IIIAA:

Interpretation

"160ARXA.(1) In this Division:

'franking tax law' means a law under which the extent of liability for franking deficit tax is worked out;

'franking tax shortfall', in relation to a company and a franking year, means the amount, if any, by which the company's statement franking tax for that year at the time at which it was lowest is less than the company's proper franking tax for that year;

'law' means:

(a) a section or other provision of an Act; or

(b) a regulation under an Act;

'proper franking tax', in relation to a company and a franking year, means the franking deficit tax properly payable by the company in respect of that year;

'shortfall section' means section 160ARZA, 160ARZB, 160ARZC, 160ARZD or 160ARZE;

'statement franking tax', in relation to a company, a franking year and a time, means the franking deficit tax that would have been payable by the company in respect of that year if the tax were assessed at that time taking into account taxation statements by the company;

'taxation statement' means a statement made to a taxation officer orally, in a document or in any other way, and includes a statement:

(a) made in an application, certificate, declaration, notification, objection, return or other document made, prepared or given, or purporting to be made, prepared, or given, under this Act or the regulations; or

(b) made in answer to a question asked under this Act or the regulations; or

(c) made in any information given, or purporting to be given, under this Act or the regulations; or

(d) made in a document given to a taxation officer otherwise than under this Act or the regulations;

but does not include a statement made in:

(e) a document produced under paragraph 264(1)(b) or 264A(1)(d) or (e) (other than a document containing particulars of the basis of the calculation of taxable income of a year of income and the tax payable in respect of that taxable income that were specified in a return in accordance with section 221AZD); or

(f) a document produced under subparagraph 451(2)(c)(ii) or paragraph 453(1)(e).

"(2) In this Division, 'arrangement', 'tax audit' and 'private ruling' have the same meanings as in Part IVAA of the Taxation Administration Act 1953.

Treating a law as not applying

"160ARXB. For the purposes of this Division, a taxpayer who treats a franking tax law as not applying in relation to a matter is taken to treat that law as applying in relation to that matter in a particular way.

Taxation statement can apply to different franking years

"160ARXC. A particular taxation statement can be taken into account in working out the tax shortfalls of a taxpayer for 2 or more franking years.".