Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
If you fail to pay some or all of an instalment by the time by which the instalment is due to be paid, you are liable to pay the *general interest charge on the unpaid amount for each day in the period that:
(a) started at the beginning of the day by which the instalment 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:
Note: See section 3AA .
Chapter 2 - Collection, recovery and administration of income tax
PART 2-10
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PAY AS YOU GO (PAYG) INSTALMENTS
Division 45
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Instalment payments
Subdivision 45-B
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When instalments are due
SECTION 45-80
45-80
GENERAL INTEREST CHARGE ON LATE PAYMENT
If you fail to pay some or all of an instalment by the time by which the instalment is due to be paid, you are liable to pay the *general interest charge on the unpaid amount for each day in the period that:
(a) started at the beginning of the day by which the instalment 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 instalment;
(ii) general interest charge on any of the instalment.
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