INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 11 - Additional tax by way of penalty  

SECTION 160ARZ   PENALTY FOR FAILURE TO FURNISH RETURN  

160ARZ(1)   [Failure to furnish return or information relating to franking year]  

Where a company refuses or fails to furnish, when and as required under this Act to do so, a return, or any information, relating to a franking year, being a return relating to or information relating to, or to the affairs of, the company, the company is liable to pay, by way of penalty, additional tax equal to double the sum of:

(a) the class A franking deficit tax (if any) payable by the company for the franking year; and

(b) the class B franking deficit tax (if any) payable by the company for the franking year; and

(c) the class C franking deficit tax (if any) payable by the company for the franking year; and

(d) the venture capital deficit tax (if any) payable by the company for the franking year.

160ARZ(2)   [Failure to furnish return or information relating to refund]  

If a company refuses or fails to furnish, when and as required under this Act to do so, a return, or any information, relating to a refund, being a return relating to or information relating to, or to the affairs of, the company, the company is liable to pay, by way of penalty, additional tax equal to double any deficit deferral tax payable in relation to the refund.