Income Tax Assessment Act 1997
CHAPTER 1
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INTRODUCTION AND CORE PROVISIONS
PART 1-3
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CORE PROVISIONS
Division 5
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How to work out when to pay your income tax
If an amount of income tax or *shortfall interest charge 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 on which the amount was due to be paid; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
Subdivision 5-A
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How to work out when to pay your income tax
SECTION 5-15
5-15
General interest charge payable on unpaid income tax or shortfall interest charge
If an amount of income tax or *shortfall interest charge 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 on which the amount was due to be paid; 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 income tax or shortfall interest charge;
(ii) general interest charge on any of the income tax or shortfall interest charge.
Note 1:
The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .
Note 2:
Shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act.
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