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INCOME TAX ASSESSMENT ACT 1997 - SECT 214.155 General interest charge

INCOME TAX ASSESSMENT ACT 1997 - SECT 214.155

General interest charge

    If:

  (a)   * franking tax of a particular type payable by a * corporate tax 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 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 tax;

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

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

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