Income Tax Assessment Act 1997
* Managed investment trust withholding tax is due and payable by you at the end of 21 days after:
(a) if subsection 840-805(2) or (3) applies to you - the end of the month in which the fund payment part is paid, applied or dealt with; or
(b) if subsection 840-805(4) applies to you - the end of the month in which the entitlement time occurs. 840-810(2)
If any of the * managed investment trust withholding tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that:
(a) starts at the beginning of the day by which the withholding 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 withholding tax;
(ii) general interest charge on any of the withholding tax.
The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .840-810(3)
The Commissioner may give you a notice specifying:
(a) the amount of any * managed investment trust withholding tax that the Commissioner has ascertained is payable by you; and
(b) the day on which that tax became due and payable. 840-810(4)
The ascertainment of an amount of * managed investment trust withholding tax is not an assessment for the purposes of this Act. 840-810(5)
The production of a notice given under subsection (3) , or of a copy of it certified by or on behalf of the Commissioner, is conclusive evidence that the notice was given and of the particulars in it.
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