Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 214.65

  (1)   If:

  (a)   a * corporate tax entity gives the Commissioner a * franking return for an income year on a particular day (the return day ); and

  (b)   the return is the first franking return given by the entity for the year; and

  (c)   the Commissioner has not already made a * franking assessment for the entity for the year;

the Commissioner is taken to have made a franking assessment for the entity for the year on the return day, and to have assessed:

  (d)   the entity's * franking account balance at a particular time as that stated in the return as the balance at that time; and

  (e)   the entity's * venture capital sub - account balance (if any) at a particular time as that stated in the return as the balance at that time; and

  (f)   the amounts (if any) of * franking tax payable by the entity because of events that have occurred, or are taken to have occurred, during that income year as those stated in the return.

  (2)   The return is taken to be notice of the assessment signed by the Commissioner and given to the entity on the return day.