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 4-25 - CHARGES AND PENALTIES  

Division 298 - Machinery provisions for penalties  

Subdivision 298-A - Administrative penalties  

SECTION 298-25   298-25   GENERAL INTEREST CHARGE ON UNPAID PENALTY  


If any of the penalty remains unpaid after it is due, the entity is liable to pay the *general interest charge on the unpaid amount of the penalty for each day in the period that:


(a) started at the beginning of the day by which the amount was due to be paid; and


(b) finishes at the end of the last day, at the end of which, any of the following remains unpaid:


(i) the amount;

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

The general interest charge is worked out under Part IIA .




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