Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Initial information about a corporate tax entity's franking activities is provided by means of a return, called a franking return, given by the entity to the Commissioner.
(2) The Commissioner is able to make a legislative instrument requiring corporate tax entities to give a franking return for an income year.
(3) The Commissioner is also able to require a particular corporate tax entity to give a franking return for one or more income years. The Commissioner might do this, for example, if the Commissioner wishes to audit the corporate tax entity's franking activities over a number of years.
(4) The Commissioner may assess whether tax is payable under the imputation system and the amount of that tax.
(5) In most cases, this is done by treating the first franking return of a corporate tax entity for an income year as an assessment by the Commissioner. To this extent, there is self - assessment.
(6) An assessment by the Commissioner is conclusive evidence of a corporate tax entity's tax liabilities under the imputation system, except for the purposes of objection, review and appeal processes under Part IVC of the Taxation Administration Act 1953 (see section 350 - 10 in Schedule 1 to the Taxation Administration Act 1953 ).
(7) Assessments can be amended by the Commissioner within
certain time limits.