INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 10 - Collection and recovery  

SECTION 160ARU   DUE DATE FOR PAYMENT OF FRANKING DEFICIT TAX  

160ARU(1)   [Last day of month after end of franking year]  

Subject to subsection (2), franking deficit tax assessed for a franking year becomes due and payable, or shall be deemed to have become due and payable, as the case requires, on the last day of the month following the end of the franking year.

160ARU(2)   [Part-year assessment]  

Franking deficit tax payable because of an assessment under section 160ARJ is due and payable on the date specified in the notice of assessment as the date on which it is due and payable.

160ARU(3)   [Liability to general interest charge]  

If any of the franking deficit tax which a company is liable to pay remains unpaid after the time by which the franking deficit tax is due to be paid, the company 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 day by which the franking deficit 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 franking deficit tax;

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

Note:

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