Income Tax Assessment Act 1997
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Hide history noteSECTION 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.
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