Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 214.105

  (1)   If:

  (a)   a * franking assessment for a * corporate tax entity for an income year has been made; and

  (b)   on a particular day (the further return day ) the entity gives the Commissioner a further * franking return for the income year under subsection   214 - 45(1) (because the entity has * received a refund of income tax that affects its liability to pay * franking deficit tax);

the Commissioner is taken to have amended the entity's franking assessment on the further return day, and to have assessed:

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

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

  (e)   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 further return.

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