Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

SECTION 214-25   Commissioner may make a franking assessment  

214-25(1)    
The Commissioner may make an assessment of:

(a) if the entity is a franking entity at the end of the balancing period - its franking account balance at the end of the period; and

(b) if the entity ceases to be a franking entity during the balancing period - its franking account balance immediately before it ceased to be a franking entity; and

(c) the amount (if any) of franking deficit tax that the entity is liable to pay under section 205-25 of this Act because of events that have occurred, or are taken to have occurred, during the balancing period.

This is a franking assessment for the entity for the balancing period.

214-25(2)    
The Commissioner must give the entity notice of the assessment as soon as practicable after making the assessment.

214-25(3)    
(Repealed by No 81 of 2016)