Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 214.55

The Commissioner may make an assessment of a corporate tax entity's liability to pay franking tax, and the franking account balance and the venture capital sub - account balance on which that liability is based. An entity's first franking return for an income year is treated as an assessment by the Commissioner. To this extent, there is self - assessment.

Table of sections

Operative provisions

214 - 60   Commissioner may make a franking assessment

214 - 65   Commissioner taken to have made a franking assessment on first return

214 - 70   Part - year assessment

214 - 75   Validity of assessment

214 - 80   Objections