INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 6 - Deductions from certain withdrawals from Australian Film Industry Trust Fund accounts  

SECTION 221ZO   LIABILITY OF PERSON WHO FAILS TO MAKE DEDUCTION  

221ZO(1)   [Penalty]  

Subject to subsection (2), where a person refuses or fails to deduct an amount required to be deducted under this Division from an amount withdrawn from a film account, the person is liable to pay to the Commissioner an amount, by way of penalty, equal to the amount that the person failed or refused to deduct.

221ZO(1A)   [Time to pay penalty]  

The person must pay the penalty amount within 21 days after the amount was withdrawn from the film account.

221ZO(2)   [Notice of amount to be deducted]  

Where the Commissioner becomes aware that a person has refused or failed to deduct an amount required to be deducted under this Division from an amount withdrawn from a film account, the Commissioner shall notify the person in writing of the amount that was required to be deducted.

221ZO(3)   [Liability to general interest charge]  

If any of the penalty amount which a person is liable to pay under subsection (1) remains unpaid after the time by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid penalty amount for each day in the period that:

(a) started at the beginning of the day by which the penalty amount 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 penalty amount;

(ii) general interest charge on any of the penalty amount.

Note:

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

221ZO(4)   [Credits]  

Where a person has become entitled to a credit under section 221ZS in relation to an amount paid to the Commissioner under subsection (1) by another person (in this subsection referred to as the ``relevant person'' ):

(a) the Commissioner shall, on application by the relevant person, notify the relevant person of the identity of the person who has become entitled to the credit and of the amount of the credit; and

(b) the relevant person may recover as a debt, from the person who became entitled to the credit, an amount equal to the amount of the credit.