Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

Subdivision 214-C - Amending franking assessments  

Operative provisions

SECTION 214-125   Further amendment of an amended particular  

214-125(1)    
If:

(a) a *franking assessment has been amended (the first amendment ) in any particular; and

(b) the Commissioner is of the opinion that it would be just to further amend the assessment in that particular so as to *reduce the assessment;

the Commissioner may do so within a period of 3 years after the first amendment.

214-125(2)    
The Commissioner reduces a franking assessment if the Commissioner amends the assessment by doing one or more of the following:

(a) increasing the *franking surplus (including from a nil balance);

(b) decreasing the *franking deficit (including to a nil balance);

(c) decreasing *franking tax payable.