Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 214.105

    If:

  (a)   franking deficit tax that is payable by the 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 deficit 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 deficit tax;

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

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