Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:8_160ardza
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 8 cl 160ARDZA
Character Range: 49753–51141

160ARDZA  Late payment of untainting tax

 (1) Subject to subsection (2), if any untainting tax remains unpaid 60 days after the day by which it is due to be paid, additional tax, by way of penalty, is due and payable at the rate of 16% per annum on the amount unpaid, calculated from the end of that period.

Remission of additional tax

 (2) Where additional tax is due and payable by a company under subsection (1) in relation to an amount of untainting tax, the Commissioner may remit the additional tax or a part of it if he or she is satisfied that there are special circumstances by reason of which it would be fair and reasonable to do so.

Effect of court judgment

 (3) Where judgment is given by, or entered in, a court for the payment of:
 (a) an amount of tainting tax; or
 (b) an amount that includes an amount of tainting tax;
then:
 (c) the untainting tax is not taken, for the purposes of subsection (1), to have ceased to be due and payable by reason only of the giving or entering of the judgment; and
 (d) if the judgment debt carries interest, the additional tax that would, but for this paragraph, be payable under this section in relation to the untainting tax is reduced by:
 (i) in a case to which paragraph (a) applies—the amount of the interest; or
 (ii) in a case to which paragraph (b) applies—the percentage of the interest worked out using the formula: