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

42   At the end of section 160ARW

Add:

(3) The company is liable to pay the general interest charge for each day in the period that:

(a) started at the beginning of the 30th day after the day on which the assessment was amended; 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 excess amount of the franking deficit tax;

(ii) general interest charge on any of the excess amount.