Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_3:p9
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 3 (pt 9/10)
Character Range: 416491–419193

franking deficit tax or, if there is an increase in an existing liability to pay franking deficit tax, the difference between the original liability and the increased liability, is due and payable on:
 (c) if the entity accounts for the liability, or increased liability, in a *franking return that is *outstanding for the income year in which the liability arose—the day on which the outstanding return is required to be given to the Commissioner; or
 (d) in any other case—14 days after the day on which the refund was received.

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 Division 1 of Part IIA of the Taxation Administration Act 1953.

214‑160  Refunds of amounts overpaid

  Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if references in that section to tax included references to *franking tax.

214‑165  Security for payment of tax

  In section 213 of the Income Tax Assessment Act 1936 (under which the Commissioner may require security for the payment of income tax), a reference to income tax includes a reference to *franking tax.

Subdivision 214‑E—Records, information and tax agents

Guide to Subdivision 214‑E

214‑170  What this Subdivision is about

      Generally applicable provisions to do with record keeping, information gathering and tax agents apply for the purposes of the imputation system.

Table of sections

Operative provisions

214‑175 Record keeping
214‑180 Power of Commissioner to obtain information
214‑185 Tax agents

[This is the end of the Guide.]

Operative provisions

214‑175  Record keeping

 (1) Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if:
 (a) the reference in that section to a person carrying on a business were a reference to a *corporate tax entity; and
 (b) the reference in paragraph (2)(a) of that section to the person's income and expenditure were a reference to:
 (i) the entity's *franking account balance; and
 (ii) the entity's liability to pay *franking tax; and
 (c) paragraph (5)(a)