Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-18 - AUSTRALIAN IIR/UTPR TAX AND AUSTRALIAN DMT TAX  

Division 127 - General provisions relating to Australian IIR/UTPR tax and Australian DMT tax  

Subdivision 127-B - When taxes are due and payable etc.  

Operative provisions

SECTION 127-70   WHEN AUSTRALIAN IIR/UTPR TAX AND AUSTRALIAN DMT TAX AND RELATED CHARGES ARE DUE AND PAYABLE  

Original assessments

127-70(1)    
If a * Group Entity of an * Applicable MNE Group is liable to pay an amount of * Australian IIR/UTPR tax or * Australian DMT tax for a * Fiscal Year, the amount is due and payable on the last day of the 15th month after the end of the Fiscal Year.

127-70(2)    
However, if the * Fiscal Year is the * Applicable MNE Group ' s * GloBE Transition Year, the amount is due and payable on the last day of the 18th month after the end of the Fiscal Year.

Amended assessments

127-70(3)    
If the Commissioner amends a * Group Entity ' s assessment of an amount of * Australian IIR/UTPR tax or * Australian DMT tax, any extra such tax resulting from the amendment is due and payable 21 days after the day the Commissioner gives the Group Entity notice of the amended assessment.

Shortfall interest charge

127-70(4)    
If a * Group Entity is liable to pay an amount of * shortfall interest charge under section 280-102E , the amount is due and payable 21 days after the day the Commissioner gives the Group Entity notice of the charge.

General interest charge

127-70(5)    
If an amount of * Australian IIR/UTPR tax or * Australian DMT tax or * shortfall interest charge payable under this section remains unpaid after it is due and payable, the * Group Entity is liable to pay * 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 amount was due to be paid; and

(b)    finishes at the end of the last day at the end of which any of the following remains unpaid:

(i) the amount of such tax or shortfall interest charge;

(ii) general interest charge on any of the amount of such tax or shortfall interest charge.