Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 214.60

  (1)   The Commissioner may make an assessment of:

  (a)   if a * corporate tax entity is a * franking entity at the end of the income year--its * franking account balance at the end of the income year; and

  (b)   if a corporate tax entity ceased to be a franking entity during the income year--its franking account balance immediately before it ceased to be a franking entity; and

  (c)   if a corporate tax entity is a * PDF at the end of the income year--its * venture capital sub - account balance at the end of the income year; and

  (d)   if a corporate tax entity ceased to be a PDF during the income year--its venture capital sub - account balance immediately before it ceased to be a PDF; and

  (e)   the amounts (if any) of * franking tax which the entity is liable to pay because of events that have occurred, or are taken to have occurred, during the income year.

This is a franking assessment for the entity for the income year.

  (1A)   However, the Commissioner must not make an assessment under subsection   (1) for an entity for an income year if:

  (a)   the entity is not required under Subdivision   214 - A to give the Commissioner a * franking return for the income year; and

  (b)   the entity is not required under Division   214 of the Income Tax (Transitional Provisions) Act 1997 to give the Commissioner a franking return for the balancing period ending within the income year; and

  (c)   the entity was required to lodge an * income tax return for the income year by a particular time; and

  (d)   the entity has lodged that income tax return; and

  (e)   3 years have passed since the later of the following:

  (i)   the time mentioned in paragraph   (c);

  (ii)   the time when the entity lodged that income tax return.

  (2)   The Commissioner must give the entity notice of the assessment as soon as practicable after making the assessment.