INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 10 - Collection and recovery  

SECTION 160ARUA   DUE DATE FOR PAYMENT OF DEFICIT DEFERRAL TAX  

160ARUA(1)   [14 days after refund received]  

Deficit deferral tax assessed in relation to a refund becomes due and payable, or is taken to have become due and payable, 14 days after the refund is received.

160ARUA(2)   [Liability to general interest charge]  

If any of the deficit deferral tax which a company is liable to pay remains unpaid after the time by which the deficit deferral tax is due to be paid, the company is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the day by which the deficit deferral tax was due to be paid; 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 deficit deferral tax;

(ii) general interest charge on the deficit deferral tax.

Note:

The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .