Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 214.125

  (1)   If:

  (a)   a * franking assessment has been amended (the first amendment ) in any particular; and

  (b)   the Commissioner is of the opinion that it would be just to further amend the assessment in that particular so as to * reduce the assessment;

the Commissioner may do so within a period of 3 years after the first amendment.

  (2)   The Commissioner reduces a franking assessment if the Commissioner amends the assessment by doing one or more of the following:

  (a)   increasing the * franking surplus (including from a nil balance);

  (b)   decreasing the * franking deficit (including to a nil balance);

  (c)   decreasing * franking tax payable.