A New Tax System (Bonuses for Older Australians) Act 1999 (REPEALED)

Part 4 - ATO clients who qualify for bonus payment  

Division 7 - When and how payments can be recovered  

52   Interest on amounts recoverable  

(1)    
If the Commissioner has served on an ATO client from whom an amount is recoverable under subsection 51(1) , or the legal personal representative of such a client, a notice claiming an amount as a debt due to the Commonwealth and:

(a) an arrangement for the repayment of the amount has been entered into between the Commissioner and the client or the client's legal personal representative, as the case may be, within the period referred to in subsection (3), and there has been a default in payment of an amount required to be paid under the arrangement; or

(b) at the end of the period such an arrangement has not been entered into and all or part of the amount remains unpaid;

then, from and including the day after the end of the period, interest becomes payable, by way of penalty, on so much of the amount as from time to time remains unpaid.

(2)    
Interest is payable:

(a) at the rate specified in the regulations; or

(b) if no rate is so specified - at the rate of 8% per annum.

(3)    
The period for entering into an arrangement under paragraph (1)(a) is the period of 3 months following the service of the notice under subsection (1), or such longer period as the Commissioner allows.

(4)    
Despite subsection (1), in any proceedings instituted by the Commonwealth for the recovery of an amount due under paragraph 51(1)(b) , the court may order that the interest payable under that paragraph is, and is taken to have been, so payable from and including a day later than the day referred to in subsection (1).