INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART IIIAA - FRANKING OF DIVIDENDS
Division 11 - Additional tax by way of penalty
SECTION 160ARYC CLASS C DEFICIT DEFERRAL TAX - PENALTY
160ARYC(1) [Liability]
A company is liable to pay, by way of penalty, additional tax equal to 30% of the class C deficit deferral tax that is payable by the company in relation to a refund if the class C deficit deferral amount that arises under subsection 160AQJC(2) in relation to the refund is greater than the amount worked out using the formula:

160ARYC(2) [PAYG instalment variation credit]
A company is liable to pay, by way of penalty, additional tax equal to 30% of the class C deficit deferral tax that is payable by the company in relation to a PAYG instalment variation credit if the class C deficit deferral amount that arises under subsection160AQJC(2) in relation to the PAYG instalment variation credit is greater than the amount worked out using the formula:

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