Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

Guide to Division 214  

SECTION 214-5   Key features  

214-5(1)    
Initial information about a corporate tax entity ' s franking activities is provided by means of a return, called a franking return, given by the entity to the Commissioner.

214-5(2)    
The Commissioner is able to make a legislative instrument requiring corporate tax entities to give a franking return for an income year.

214-5(3)    
The Commissioner is also able to require a particular corporate tax entity to give a franking return for one or more income years. The Commissioner might do this, for example, if the Commissioner wishes to audit the corporate tax entity ' s franking activities over a number of years.

214-5(4)    
The Commissioner may assess whether tax is payable under the imputation system and the amount of that tax.

214-5(5)    

In most cases, this is done by treating the first franking return of a corporate tax entity for an income year as an assessment by the Commissioner. To this extent, there is self-assessment.

214-5(6)    

An assessment by the Commissioner is conclusive evidence of a corporate tax entity ' s tax liabilities under the imputation system, except for the purposes of objection, review and appeal processes under Part IVC of the Taxation Administration Act 1953 (see section 350-10 in Schedule 1 to the Taxation Administration Act 1953 ).

214-5(7)    
Assessments can be amended by the Commissioner within certain time limits.