INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 10 - Collection and recovery  

SECTION 160ARV   DUE DATE FOR PAYMENT OF FRANKING ADDITIONAL TAX  

160ARV(1)   [Date in assessment notice]  

Franking additional tax is due and payable on the date specified in the notice of assessment of the franking additional tax as the date on which it is due and payable.

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

If any of the franking additional tax which a company is liable to pay remains unpaid after the time by which the franking additional 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 franking additional 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 franking additional tax;

(ii) general interest charge on the franking additional tax.

Note:

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