Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p19
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 19/22)
Character Range: 909691–912279

extent to which the amount of instalment or credit for the subsidiary quarterly payer for the current quarter is attributable to that notional instalment month.

45‑875  Other rules about the general interest charge
 (1) The *general interest charge under section 45‑870 for an *instalment quarter in an income year is payable by the *head company for each day in the period that:
 (a) started at the beginning of the day by which the instalment for that quarter was due to be paid; and
 (b) finishes at the end of the day on which the head company's assessed tax for that income year is due to be paid.
 (2) The Commissioner must give the *head company written notice of the *general interest charge. The head company must pay the charge within 14 days after the notice is given to the head company.
 (3) If any of the *general interest charge remains unpaid at the end of the 14 days, the *head company is also liable to pay the general interest charge on the unpaid amount for each day in the period that:
 (a) starts at the end of those 14 days; and
 (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
 (i) the unpaid amount;
 (ii) general interest charge on the unpaid amount.
 (4) The Commissioner may, if he or she is satisfied that because special circumstances exist it would be fair and reasonable to do so, remit the whole or any part of any *general interest charge payable under section 45‑870.

45‑880  Continued application of Subdivision 45‑Q to the head company of an acquired group
 (1) This section applies to a company for which all of the following conditions are satisfied in relation to a particular time (the takeover time):
 (a) just before the takeover time, Subdivision 45‑Q applied to the company as the *head company of a *consolidated group;
 (b) at the takeover time, the company becomes a *wholly‑owned subsidiary of a *member of another consolidated group or *MEC group;
 (c) that other group is consolidated at or before the takeover time under section 703‑50 or 719‑50 of the Income Tax Assessment Act 1997;
 (d) the Commissioner receives the choice (or notice) under that section for the consolidation of that other group not later than 28 days after the takeover time, or within such further period (if any) as the Commissioner allows;
 (e) at the takeover time, Subdivision 45‑Q (including that Subdivision as applied under Subdivision 45‑S) does not apply to the head company or the *provisional head company of that other group.
 (2) For the purposes of this Part only, this Act has effect