Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:28_13:p6
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 28 cl 13 (pt 6/7)
Character Range: 433228–435844

tax payable under the earlier assessment;
the excess amount is due and payable one month after the day on which the assessment was amended.

Tax payable because of deficit deferral

 (3) If:
 (a) the entity receives a refund of income tax; and
 (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205‑30(2) or (3);
the 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 balancing period 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.

214‑105  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 Division 1 of Part IIA of the Taxation Administration Act 1953.

214‑110  Refunds of amounts overpaid

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

214‑115  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.

214‑120  Record keeping

  Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Division 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