Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

Division 280 - Shortfall interest charge  

Subdivision 280-B - Shortfall interest charge  

SECTION 280-105   AMOUNT OF SHORTFALL INTEREST CHARGE  

280-105(1)    
The * shortfall interest charge for a day is worked out by multiplying the rate worked out under subsection (2) for that day by the sum of these amounts:

(a)    

the additional amount of income tax, * excess exploration credit tax, * petroleum resource rent tax, * excess non-concessional contributions tax or * Division 293 tax, or the amount that you are liable to pay shortfall interest charge on under subsection 280-102F(1) ; and

(b)    the shortfall interest charge on that amount from previous days.


280-105(2)    
The rate is:


  * Base interest rate 3 percentage
for the day + points
Number of days in the
calendar year





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