Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteIf no franking return is outstanding
214-15(1)
If:
(a) the entity receives a refund of income tax; and
(b) the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205-30(2) or (3) of this Act; and
(c) when the refund is received, the entity does not have a franking return that is outstanding for the balancing period in which the liability arose;
the entity must give the Commissioner a franking return for the period within 14 days after the refund is received.
Refund received within 14 days before an outstanding franking return is due
214-15(2)
If:
(a) the entity receives a refund of income tax; and
(b) the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205-30(2) or (3) of this Act; and
(c) when the refund is received, the entity does not have a franking return that is outstanding for the balancing period in which the liability arose; and
(d) the entity receives the refund within the period of 14 days ending on the day by which the outstanding return must be given to the Commissioner;
the entity may, instead of accounting for the liability, or increased liability, in the outstanding return, account for it in a further return given to the Commissioner within 14 days after the refund is received.
Meaning of outstanding
214-15(3)
A franking return for a balancing period is outstanding at a particular time if each of the following is true at that time:
(a) the entity has been required to give a franking return for the period;
(b) the time within which the franking return must be given has not yet passed;
(c) the franking return has not yet been given.
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