Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 271 - Family trust distribution tax  

SECTION 271-75   PAYMENT OF FAMILY TRUST DISTRIBUTION TAX  

Tax under sections 271-15 to 271-30

271-75(1)    
Family trust distribution tax under any of sections 271-15 to 271-30 is due and payable:

(a) in a case where the conferral or distribution on whose amount or value the tax is payable was made before the day on which the election was made - at the end of 21 days after the day on which the election was made; or

(b) in any other case - at the end of 21 days after the day on which the conferral or distribution, on whose amount or value the tax is payable, was made;

or by the end of such later day as the Commissioner, in special circumstances, allows.

Tax under section 271-55

271-75(2)    
Family trust distribution tax under section 271-55 is due and payable at the end of 21 days after the end of the period or further period mentioned in subsection (5), (6) or (7), as the case requires, of that section.

Tax under section 271-60 or 271-65

271-75(3)    
Family trust distribution tax under section 271-60 or 271-65 is due and payable at the end of 21 days after the day, or the last day, on which the notice mentioned in subsection 271-90 (2) is given.

Debt due

271-75(4)    
Family trust distribution tax, when it becomes due and payable, is a debt due to the Commonwealth and payable to the Commissioner.

Application

271-75(5)    

Subsection (4) does not apply in relation to any family trust distribution tax that becomes due and payable on or after 1 July 2000.

Note:

For provisions about collection and recovery of family trust distribution tax and other amounts on or after 1 July 2000, see Part 4-15 in Schedule 1 to the Taxation Administration Act 1953 .