INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 8 - Returns and assessments  

Subdivision B - Assessments  

SECTION 160ARN   AMENDMENT OF ASSESSMENTS  

160ARN(1)   [Amendment within 3 years]  

The Commissioner may, at any time within a period of 3 years after the original assessment date in relation to a franking account assessment, amend the assessment by making such alterations or additions as the Commissioner thinks necessary.

160ARN(2)   [Amendment after 3 years]  

Subject to this section, the Commissioner may, after the end of 3 years after the original assessment date in relation to a franking account assessment, amend the assessment by making such alterations or additions as the Commissioner thinks necessary.

160ARN(3)   [Amendment where no full and true disclosure]  

Where:

(a) a company does not make a full and true disclosure of all the material facts necessary for a franking account assessment;

(b) the Commissioner makes such an assessment; and

(c) there is an under-assessment;

the Commissioner may:

(d) where the Commissioner is of the opinion that the under-assessment is due to fraud or evasion - at any time; or

(e) in any other case - within 6 years after the original assessment date in relation to the assessment;

amend the assessment by making such alterations or additions as the Commissioner thinks necessary.

160ARN(4)   [Reduction of franking account assessment]  

No amendment reducing a franking account assessment shall be made after the end of 3 years after the original assessment date.

160ARN(5)   [Further amended assessment]  

Where a franking account assessment has been amended under this section in any particular, the Commissioner may, within 3 years of the date that the amended assessment is made, make such further amendment of the assessment in or in respect of that particular as, in the Commissioner's opinion, is necessary to effect such reduction in the assessment as is just.

160ARN(6)   [Application by company for amendment]  

Where a company:

(a) applies, within 3 years after the original assessment date in relation to a franking account assessment, for an amendment of the assessment; and

(b) supplies to the Commissioner within that period all information needed by the Commissioner for the purposes of determining the application made by the company;

the Commissioner may amend the assessment, notwithstanding that that period has ended.

160ARN(7)   [Amendment following objection, review or appeal]  

Nothing in this section prevents the amendment of a franking account assessment:

(a) in order to give effect to a decision on a review or appeal; or

(b) by way of reducing the assessment in any particular pursuant to an objection made under this Act or pending an appeal or review.

160ARN(8)   [Franking additional tax assessment]  

The Commissioner may at any time amend a franking additional tax assessment or a deficit deferral tax assessment.

160ARN(9)   [Amended franking assessment]  

Except as otherwise provided, an amended franking assessment is a franking assessment for all purposes of this Act.

160ARN(10)   [Interpretation]  

In this section:

(a) a reference to reducing a franking account assessment is a reference to doing either or both of the following:

(i) increasing a class A franking surplus, a class B franking surplus or a class C franking surplus (including an increase from a nil class A franking account balance, a nil class B franking account balance or a nil class C franking account balance);

(ii) reducing a class A franking deficit, a class B franking deficit or a class C franking deficit (including a reduction resulting in a nil class A franking account balance, a nil class B franking account balance or a nil class C franking account balance) and the franking deficit tax payable in respect of the franking deficit;

(b) a reference to increasing a franking account assessment is a reference to doing either or both of the following:

(i) reducing a class A franking surplus, a class B franking surplus or a class C franking surplus (including a reduction resulting in a nil class A franking account balance, a nil class B franking account balance or a nil class C franking account balance);

(ii) increasing a class A franking deficit, a class B franking deficit or a class C franking deficit (including an increase from a nil class A franking account balance, a nil class B franking account balance or a nil class C franking account balance) and the franking deficit tax payable in respect of the franking deficit; and

(c) a reference to an under-assessment is a reference to a franking account assessment that would have to be increased in order to be correct.