Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-6
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THE IMPUTATION SYSTEM
Division 214
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Administering the imputation system
Subdivision 214-B
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Franking assessments
SECTION 214-55
What this Subdivision is about
View history note
Hide history noteThe Commissioner may make an assessment of a corporate tax entity ' s liability to pay franking tax, and the franking account balance and the venture capital sub-account balance on which that liability is based. An entity ' s first franking return for an income year is treated as an assessment by the Commissioner. To this extent, there is self-assessment.
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