TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-10 - INDIRECT TAXES  

Division 105 - General rules for indirect taxes  

Subdivision 105-D - General interest charge and penalties  

SECTION 105-80   GENERAL INTEREST CHARGE  

105-80(1)  
If any of an amount (the liability ) to which this section applies 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 of the liability for each day in the period that:


(a) started at the beginning of the day by which the liability 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 liability;

(ii) general interest charge on any of the liability.
Note:

The general interest charge is worked out under Division 1 of Part IIA.

105-80(2)  
This section applies to either of the following amounts that you are liable to pay:


(a) an *assessed net fuel amount;


(b) an assessed amount of *indirect tax (including an *assessed net amount).





This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.