Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 840.810

When managed investment trust withholding tax is payable

  (1)   * Managed investment trust withholding tax is due and payable by you at the end of 21 days after:

  (a)   if subsection   840 - 805(2) or (3) applies to you--the end of the month in which the fund payment part   is paid, applied or dealt with; or

  (b)   if subsection   840 - 805(4) applies to you--the end of the month in which the entitlement time occurs.

  (2)   If any of the * managed investment trust withholding tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that:

  (a)   starts at the beginning of the day by which the withholding tax was due to be paid; and

  (b)   ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:

  (i)   the withholding tax;

  (ii)   general interest charge on any of the withholding tax.

Note:   The general interest charge is worked out under Part   IIA of the Taxation Administration Act 1953 .

  (3)   The Commissioner may give you a notice specifying:

  (a)   the amount of any * managed investment trust withholding tax that the Commissioner has ascertained is payable by you; and

  (b)   the day on which that tax became due and payable.

  (4)   The ascertainment of an amount of * managed investment trust withholding tax is not an assessment for the purposes of this Act.

  (5)   The production of a notice given under subsection   (3), or of a copy of it certified by or on behalf of the Commissioner, is conclusive evidence that the notice was given and of the particulars in it.


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