Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

Subdivision 214-B - Franking assessments  

Operative provisions

SECTION 214-65   Commissioner taken to have made a franking assessment on first return  

214-65(1)    
If:

(a) a *corporate tax entity gives the Commissioner a *franking return for an income year on a particular day (the return day ); and

(b) the return is the first franking return given by the entity for the year; and

(c) the Commissioner has not already made a *franking assessment for the entity for the year;

the Commissioner is taken to have made a franking assessment for the entity for the year on the return day, and to have assessed:

(d) the entity's *franking account balance at a particular time as that stated in the return as the balance at that time; and

(e) the entity's *venture capital sub-account balance (if any) at a particular time as that stated in the return as the balance at that time; and

(f) the amounts (if any) of *franking tax payable by the entity because of events that have occurred, or are taken to have occurred, during that income year as those stated in the return.

214-65(2)    
The return is taken to be notice of the assessment signed by the Commissioner and given to the entity on the return day.