Petroleum Resource Rent Tax Assessment Amendment Act 2006 (78 of 2006)

Schedule 4   Self-assessment

Part 1   Amendments

Petroleum Resource Rent Tax Assessment Act 1987

12   Subsection 85(1)

Repeal the subsection, substitute:

(1) A person is liable to pay the general interest charge on any amount of any of the following that remains unpaid after the time by which payment is due:

(a) tax the person is liable to pay;

(b) shortfall interest charge the person is liable to pay in relation to tax;

(c) instalment transfer interest charge the person is liable to pay in relation to an instalment of tax.

Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953.

Note: The heading to section 85 is altered by adding at the end " and charges ".