INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS

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Division 7B - Tainted share capital accounts

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Subdivision D - Payment etc. of untainting tax

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SECTION 160ARDZA

160ARDZA LATE PAYMENT OF UNTAINTING TAX
If any of the untainting tax which a person is liable to pay remains unpaid 60 days after the day by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the 60th day after the day by which the untainting tax was due to be paid; and

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

(i) the untainting tax;

(ii) general interest charge on any of the untainting tax.

Note:

The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .

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History

S 160ARDZA substituted by No 58 of 2000, s 3 and Sch 8 item 18, effective 1 July 1999.

S 160ARDZA formerly read:

LATE PAYMENT OF UNTAINTING TAX
160ARDZA(1)
Subject to subsection (2), if any untainting tax remains unpaid 60 days after the day by which it is due to be paid, additional tax, by way of penalty, is due and payable at the rate of 16% per annum on the amount unpaid, calculated from the end of that period.

160ARDZA(2) Remission of additional tax.
Where additional tax is due and payable by a company under subsection (1) in relation to an amount of untainting tax, the Commissioner may remit the additional tax or a part of it if he or she is satisfied that there are special circumstances by reason of which it would be fair and reasonable to do so.

160ARDZA(3) Effect of court judgment.
Where judgment is given by, or entered in, a court for the payment of:

(a) an amount of tainting tax; or

(b) an amount that includes an amount of tainting tax;
then:

(c) the untainting tax is not taken, for the purposes of subsection (1), to have ceased to be due and payable by reason only of the giving or entering of the judgment; and

(d) if the judgment debt carries interest, the additional tax that would, but for this paragraph, be payable under this section in relation to the untainting tax is reduced by:

(i) in a case to which paragraph (a) applies - the amount of the interest; or

(ii) in a case to which paragraph (b) applies - the percentage of the interest worked out using the formula:

Untainting tax
Judgment debt × 100%''

S 160ARDZA inserted by No 58 of 2000, s 3 and Sch 8 item 17, effective 1 July 1998.

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