Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf no franking return is outstanding
(1) If:
(a) a * corporate tax entity * receives a refund of income tax; and
(b) the receipt of the refund gives rise to a liability, or an increased liability, to pay * franking deficit tax because of the operation of subsection 205-50(2) or (3); and
(c) when the refund is received, the entity does not have a * franking return that is * outstanding for the income year in which the liability arose;
the entity must give the Commissioner a franking return for the income year within 14 days after the refund is received.
Refund received within 14 days before an outstanding franking return is due
(2) If:
(a) an entity * receives a refund of income tax; and
(b) the receipt of the refund gives rise to a liability, or an increased liability, to pay * franking deficit tax because of the operation of subsection 205-50(2) or (3); and
(c) when the refund is received, the entity has a * franking return that is * outstanding for the income year in which the liability arose; and
(d) the entity receives the refund within the period of 14 days ending on the day by which the outstanding return must be given to the Commissioner;
the entity may, instead of accounting for the liability, or increased liability, in the outstanding return, account for it in a further return given to the Commissioner within 14 days after the refund is received.
Meaning of outstanding
(3) A * franking return for an income year is outstanding at a particular time if each of the following is true at that time:
(a) the * corporate tax entity has been required to give a * franking return for the income year;
(b) the time within which the franking return must be given has not yet passed;
(c) the franking return has not yet been given.