Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Income Tax Assessment Act 1936

37   At the end of section 160ARU

Add:

(3) If any of the franking deficit tax which a company is liable to pay remains unpaid after the time by which the franking deficit tax is due to be paid, the company is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the day by which the franking deficit tax was due to be paid; 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 franking deficit tax;

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

Note: The general interest charge is worked out under Division 1 of Part IIA of theTaxation Administration Act 1953.