Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p22
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 52700–55359

payable by the company in relation to the refund;
  'class A statement deficit deferral tax', in relation to a
company, a refund, and a time, means the class A deficit
deferral tax that would have been payable by the company in
relation to the refund if the tax were assessed at that time
taking into account taxation statements by the company;
  'class B statement deficit deferral tax', in relation to a
company, a refund and a time, means the class B deficit
deferral tax that would have been payable by the company in
relation to the refund if the tax were assessed at that time
taking into account taxation statements by the company;
  'deficit deferral tax shortfall', in relation to a company
and a refund, means class A deficit deferral tax shortfall or
class B deficit deferral tax shortfall;
  'statement deficit deferral tax', in relation to a company
and a refund, means class A statement deficit deferral tax or
class B statement deficit deferral tax;".
  62. Section 160ARXC:
Add at the end "or 2 or more refunds".
  63. After section 160ARX:
Insert:
Class A deficit deferral tax-penalty
  "160ARYA. A company is liable to pay, by way of penalty,
additional tax equal to 30% of the class A deficit deferral tax
that is payable by the company in relation to a refund if the
class A deficit deferral amount that arises under subsection
160AQJA(2) in relation to the refund is greater than 10% of the
amount worked out using the following formula:
    Total of class A    -  ( 0.2  x  61  The amount of the )
    franking credits       ( ----------  refunds referred  )
    that arose in the      (     39      to in paragraph   )
    first franking year    (             160AQJA(1)(c)     )
Class B deficit deferral tax-penalty
  "160ARYB. A company is liable to pay, by way of penalty,
additional tax equal to 30% of the class B deficit deferral tax
that is payable by the company in relation to a refund if the
class B deficit deferral amount that arises under subsection
160AQJB(2) in relation to the refund is greater than the amount
worked out using the following formula:
    0.1  x  ( Total of class B    -  The adjusted amount      )
            ( franking credits       in relation to refunds   )
            ( that arose in the      referred to in paragraph )
            ( first franking year    160AQJB(1)(c)            )".
  64. Section 160ARZ:
Add at the end:
  "(2) If a company refuses or fails to furnish, when and as
required under this Act to do so, a return, or any information,
relating to a refund, being a return relating to or information
relating to, or to the affairs of, the company, the company is
liable to pay, by way