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 214-105   Further return as a result of a refund affecting a franking deficit tax liability  

214-105(1)    
If:

(a) a *franking assessment for a *corporate tax entity for an income year has been made; and

(b) on a particular day (the further return day ) the entity gives the Commissioner a further *franking return for the income year under subsection 214-45(1) (because the entity has *received a refund of income tax that affects its liability to pay *franking deficit tax);

the Commissioner is taken to have amended the entity ' s franking assessment on the further return day, and to have assessed:

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

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

(e) 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 further return.

214-105(2)    
The further return is taken to be notice of the amended assessment signed by the Commissioner and given to the entity on the further return day.