Treasury Laws Amendment (2021 Measures No. 5) Act 2021 (127 of 2021)
Schedule 3 Miscellaneous and technical amendments
Part 1 Amendments commencing day after Royal Assent
Division 7 Franking account balance
Income Tax Assessment Act 1997
34 Subsection 205-15(1) (after table item 4)
Insert:
|
4A |
a *franking debit arises under item 2 or 2A of the table in subsection 205-30(1) because the entity receives a *tax offset refund; and the entity's tax offset refund is subsequently reduced and the entity is liable to pay to the Commonwealth the amount of the excess mentioned in subsection 172A(2) of the Income Tax Assessment Act 1936; and the entity pays the amount of the excess |
the difference (if any) between: (a) the amount of the franking debit; and (b) the amount the franking debit would have been if the tax offset refund were reduced by the amount of the excess |
on the day on which the amount of the excess is paid |