Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

Subdivision 214-D - Collection and recovery  

Operative provisions

SECTION 214-150   Due date for payment of franking tax  

General rule

214-150(1)    
Unless this section provides otherwise, *franking tax assessed for a *corporate tax entity because of events that have occurred, or are taken to have occurred, during an income year is due and payable on the last day of the month immediately following the end of the income year.

Part-year assessments

214-150(2)    
*Franking tax payable because of an assessment under section 214-70 (a part-year assessment) is due and payable on the day specified in the notice of assessment as the day on which it is due and payable.

Amended assessments - other than because of deficit deferral

214-150(3)    
If:

(a) the Commissioner amends a *franking assessment (the earlier assessment ) other than because of the operation of section 214-105 (an amendment because of a refund of tax that affects *franking deficit tax liability); and

(b) the amount of *franking tax of a particular type payable under the amended assessment exceeds the amount of franking tax of that type payable under the earlier assessment;

the excess amount is due and payable one month after the day on which the assessment was amended.

Tax payable because of deficit deferral

214-150(4)    
If:

(a) a *corporate tax entity *receives a refund of income tax or *receives a refund of diverted profits tax; and

(b) the receipt of the refund gives rise to a liability, or an increased liability, to pay *franking deficit tax because of the operation of subsection 205-50(2) or (3);

the franking deficit tax or, if there is an increase in an existing liability to pay franking deficit tax, the difference between the original liability and the increased liability, is due and payable on:

(c) if the entity accounts for the liability, or increased liability, in a *franking return that is *outstanding for the income year in which the liability arose - the day on which the outstanding return is required to be given to the Commissioner; or

(d) in any other case - 14 days after the day on which the refund was received.