Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p13
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 13/20)
Character Range: 3719082–3721713

income year.

Part‑year assessments
 (2) *Franking tax payable because of an assessment under section 214‑70 (a part‑year assessment) is due and payable on the day specified in the notice of assessment as the day on which it is due and payable.

Amended assessments—other than because of deficit deferral
 (3) If:
 (a) the Commissioner amends a *franking assessment (the earlier assessment) other than because of the operation of section 214‑105 (an amendment because of a refund of tax that affects *franking deficit tax liability); and
 (b) the amount of *franking tax of a particular type payable under the amended assessment exceeds the amount of franking tax of that type 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
 (4) If:
 (a) a *corporate tax entity *receives a refund of income tax or *receives a refund of diverted profits 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 205‑50(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 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 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.