INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 7B - Tainted share capital accounts  

Subdivision D - Payment etc. of untainting tax  

SECTION 160ARDZ   PAYMENT OF UNTAINTING TAX  

160ARDZ(1)   Due date.  

Untainting tax is due and payable at the end of:

(a) 21 days after an election to untaint is made under section 160ARDR ; or

(b) such later day as the Commissioner, in special circumstances, allows.

160ARDZ(2)   Debt due.  

Untainting tax, when it becomes due and payable, is a debt due to the Commonwealth and payable to the Commissioner.

160ARDZ(3)   Application.  

The Commissioner must not exercise his or her power under paragraph (1)(b) on or after 1 July 2000.

160ARDZ(4)   [1 July 2000 onwards]  

Subsection (2) does not apply in relation to untainting tax that becomes due and payable on or after 1 July 2000.

Note:

For provisions about collection and recovery of untainting tax on or after 1 July 2000, see Part 4-15 in Schedule 1 to the Taxation Administration Act 1953 .