Taxation Administration Act 1953

PART IIB - RUNNING BALANCE ACCOUNTS, APPLICATION OF PAYMENTS AND CREDITS, AND RELATED MATTERS  

Division 2 - Running Balance Accounts (or RBAs)  

SECTION 8AAZF   GENERAL INTEREST CHARGE ON RBA DEFICIT DEBT  

8AAZF(1)   [Where deficit debt exists at end of day]  

If there is an RBA deficit debt at the end of a day, then general interest charge is payable by the tax debtor on that RBA deficit debt for that day.

8AAZF(2)   [General interest charge amount]  

The balance of the RBA is altered in the Commissioner's favour by the amount of the general interest charge payable.