Taxation Laws Amendment (Self Assessment) Act 1992 (101 of 1992)

SCHEDULE 3   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936 RELATING TO INTEREST

*   Subsection 160ARW(2)

Omit the subsection, substitute:

"(2) If:

(a) the Commissioner amends a franking account assessment ('former assessment') made under section 160ARH or 160ARK in relation to a company for a franking year; and

(b) the franking deficit tax payable under the amended assessment exceeds the franking deficit tax payable under the former assessment;

section 207 applies as if an amount of franking deficit tax equal to the difference between the franking deficit tax payable under the former assessment and the franking deficit tax payable under the amended assessment were due and payable on the 30th day after the day on which the amended assessment was made.".