TAXATION ADMINISTRATION ACT 1953

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

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-15 - COLLECTION AND RECOVERY OF TAX-RELATED LIABILITIES AND OTHER AMOUNTS  

Division 268 - Estimates and recovery of PAYG withholding liabilities and superannuation guarantee charge  

Subdivision 268-E - Late payment of estimates  

SECTION 268-75   LIABILITY TO PAY THE GENERAL INTEREST CHARGE  

268-75(1)  


This section applies if:


(a) your liability to pay the amount of the estimate remains undischarged at the end of 7 days after the Commissioner gives you notice of the estimate; and


(b) the underlying liability is not a liability to pay superannuation guarantee charge.

268-75(2)  
You are liable to pay the *general interest charge on the unpaid amount of the estimate for each day in the period that:


(a) started at the beginning of the day by which the underlying 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 amount of the estimate;

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

The general interest charge is worked out under Part IIA of this Act.




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