INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 10 - Collection and recovery  

SECTION 160ARW   MISCELLANEOUS PROVISIONS RELATING TO COLLECTION AND RECOVERY  

160ARW(1)   [``income tax'', ``tax'']  

In sections 205 , 206 , 208 , 209, 213, 214, 215 and 218, ``income tax'' or ``tax'' includes franking deficit tax, deficit deferral tax and franking additional tax.

160ARW(2)   [General interest charge]  

If:

(a) the Commissioner amends a franking account assessment ( ``former assessment'' ) made under section 160ARH or 160ARK in relation to a company for a franking year; and

(b) the franking deficit tax payable under the amended assessment exceeds the franking deficit tax payable under the former assessment; and

(c) the company has not paid the excess amount of the franking deficit tax by the 30th day after the day on which the assessment was amended;

the company is liable to pay the general interest charge on the unpaid amount.

Note:

The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .

160ARW(3)   [Days for which charge liability exists]  

The company is liable to pay the general interest charge for each day in the period that:

(a) started at the beginning of the 30th day after the day on which the assessment was amended; and

(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the excess amount of the franking deficit tax;

(ii) general interest charge on any of the excess amount.