Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

SECTION 214-105   214-105   General interest charge  

If:

(a) franking deficit tax that is payable by the 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 deficit 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 deficit tax;

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

Note:

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