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 .




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