INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 8 - Returns and assessments  

Subdivision B - Assessments  

SECTION 160ARK   DEFAULT ASSESSMENT  

160ARK(1)   [Class A franking account]  

Where a company has not furnished a return in respect of a franking year, the Commissioner may make an assessment of:

(a) the class A franking account balance of the company at the end of the franking year; and

(b) any class A franking deficit tax payable by the company for the franking year.

160ARK(2)   [Class B franking account]  

If a company has not lodged a return in respect of a franking year, the Commissioner may make an assessment of:

(a) the class B franking account balance of the company at the end of the franking year; and

(b) any class B franking deficit tax payable by the company for the franking year.

160ARK(2A)   [Class C franking account]  

If a company has not lodged a return in respect of a franking year, the Commissioner may make an assessment of:

(a) the class C franking account balance of the company at the end of the franking year; and

(b) any class C franking deficit tax payable by the company for the franking year.

160ARK(3)   [Deficit deferral amount]  

If a company has not lodged a return in relation to a deficit deferral amount within the time specified in section 160AREA , the Commissioner may make an assessment of deficit deferral tax payable by the company in relation to the deficit deferral amount.