Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 214.45

If no franking return is outstanding

  (1)   If:

  (a)   a * corporate tax entity * receives a refund of income tax or * receives a refund of diverted profits 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 - 50(2) or (3); and

  (c)   when the refund is received, the entity does not have a * franking return that is * outstanding for the income year in which the liability arose;

the entity must give the Commissioner a franking return for the income year within 14 days after the refund is received.

Refund received within 14 days before an outstanding franking return is due

  (2)   If:

  (a)   an entity * receives a refund of income tax or * receives a refund of diverted profits 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 - 50(2) or (3); and

  (c)   when the refund is received, the entity has a * franking return that is * outstanding for the income year 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

  (3)   A * franking return for an income year is outstanding at a particular time if each of the following is true at that time:

  (a)   the * corporate tax entity has been required to give a * franking return for the income year;

  (b)   the time within which the franking return must be given has not yet passed;

  (c)   the franking return has not yet been given.