Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

Subdivision 214-D - Collection and recovery  

Operative provisions

SECTION 214-155   214-155   General interest charge  


If:


(a) *franking tax of a particular type payable by a *corporate tax entity remains unpaid after the time by which it is due and payable; and


(b) the Commissioner has not allocated the unpaid amount to an *RBA;

the entity is liable to pay the *general interest charge on the unpaid amount for each day in the period that:


(c) starts at the beginning of the day on which the franking tax was due to be paid; and


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


(i) the franking tax;

(ii) general interest charge on any of the franking tax.
Note:

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


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