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: