Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 214.105

General interest charge

                   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 .



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