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

39   At the end of section 160ARV

Add:

(2) If any of the franking additional tax which a company is liable to pay remains unpaid after the time by which the franking additional 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 additional 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 additional tax;

(ii) general interest charge on the franking additional tax.

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