Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 202 - Franking a distribution  

Subdivision 202-E - Distribution statements  

Operative provisions

SECTION 202-85   Changing the franking credit on a distribution by amending the distribution statement  

Changing the franking credit on a specified distribution

202-85(1)    
The Commissioner may, on application by an entity, determine in writing that the entity may change the *franking credit on a specified *distribution by amending the *distribution statement for the distribution.

202-85(2)    
In deciding whether to make a determination under subsection (1), the Commissioner must have regard to:

(a) whether the date for lodgment of an *income tax return by the recipient of the specified *distribution for the income year in which the distribution was made has passed; and

(b) whether, if the *franking credit on the specified distribution were changed in accordance with the entity's application, there would be any difference in the *withholding tax liability of the recipient; and

(c) whether amending the distribution statement as requested by the entity would lead to a breach of the *benchmark rule, or any of the rules in Division 204 (the anti-streaming rules); and

(d) whether amending the distribution statement as requested by the entity would lead to a new *benchmark franking percentage being set for the entity for the *franking period in which the distribution was made; and

(e) any other matters that the Commissioner considers relevant.

Changing the franking credits on a specified class of distributions

202-85(3)    
The Commissioner may, on application by an entity, determine in writing that the entity may change the *franking credits on *distributions of a specified class by amending the *distribution statements for the distributions.

202-85(4)    
In deciding whether to make a determination under subsection (3), the Commissioner must have regard to:

(a) the number of recipients to whom an amended *distribution statement would be made; and

(b) whether the date for lodgment of *income tax returns by recipients of *distributions of the specified class for the income year in which the distributions were made has passed; and

(c) whether, if the *franking credit on the specified distributions were changed in accordance with the entity's application, there would be any difference in the *withholding tax liability of the recipients; and

(d) whether amending the distribution statements as requested by the entity would lead to a breach of the *benchmark rule, or any of the rules in Division 204 (the anti-streaming rules); and

(e) whether amending the distribution statements as requested by the entity would lead to a new *benchmark franking percentage being set for the entity for the *franking period in which the distributions were made; and

(f) any other matters that the Commissioner considers relevant.

Applying to the Commissioner

202-85(5)    
The entity must:

(a) make its application under this section in writing; and

(b) include in the application all information relevant to the matters to which the Commissioner must have regard under:

(i) subsection (2), if the application relates to a *distribution; or

(ii) subsection (4), if the application relates to a class of distributions.

Review

202-85(6)    
If the entity or a *member of the entity is dissatisfied with a determination under subsection (3), the entity or member may object to it in the manner set out in Part IVC of the Taxation Administration Act 1953 .