Income Tax Assessment Act 1997
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Hide history noteSECTION 214-155 214-155 General interest charge
If:
(a) *franking tax of a particular type payable by a *corporate tax entity remains unpaid after the time by which it is due and payable; and
(b) the Commissioner has not allocated the unpaid amount to an *RBA;
the entity is liable to pay the *general interest charge on the unpaid amount for each day in the period that:
(c) starts at the beginning of the day on which the franking tax was due to be paid; and
(d) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the franking tax;
(ii) general interest charge on any of the franking tax.
Note:
The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .
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