Commentary

A4.626 Income tax on company payments

Administration and compliance

A4.626 Income tax on company payments

A4.626 Income tax on company payments

Income tax on company payments which are not distributions carry a charge to interest at the prescribed rate (see T1.111) from the due date until the date of payment1. These provisions apply:

  1.  

    •     whether or not an assessment has be made

  2.  

    •     whether or not the tax which is assessed has been paid when the assessment is made2, and

  3.  

    •     even if the due date for payment is a non-business day3

Where tax due for an earlier return period is discharged by items received in a later return period interest ceases to run at the

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