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

41   Subsection 160ARW(2)

Omit all the words after paragraph (b), substitute:

; and (c) the company has not paid the excess amount of the franking deficit tax by the 30th day after the day on which the assessment was amended;

the company is liable to pay the general interest charge on the unpaid amount.

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