INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions  

Subdivision 292-G - Collection and recovery  

Operative provisions

SECTION 292-390   292-390   General interest charge  


If *excess non-concessional contributions tax or *shortfall interest charge payable by a person remains unpaid after the time by which it is due and payable, the person is 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 excess non-concessional contributions tax or shortfall interest charge 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 excess non-concessional contributions tax or shortfall interest charge;

(ii) general interest charge on any of the excess non-concessional contributions tax or shortfall interest charge.
Note:

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


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