INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 197 - Tainted share capital accounts  

Subdivision 197-C - Consequence of transfer: tainting of share capital account  

SECTION 197-75   197-75   General interest charge for late payment of untainting tax  


If any of the *untainting tax that a company is liable to pay remains unpaid 60 days after the day by which it 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 60th day after the day by which the untainting tax was due to be paid; and


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


(i) the untainting tax;

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

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