Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
If an amount of * excess concessional contributions charge or * shortfall interest charge on excess concessional contributions charge that you are liable to pay 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 for each day in the period that:
(a) begins on the day on which the amount was due to be paid; and
(b) ends on the last day on which, at the end of the day, any of the following remains unpaid:
(i) the excess concessional contributions charge or shortfall interest charge;
(ii) the general interest charge on any of the excess concessional contributions charge or shortfall interest charge.
The general interest charge is worked out under Part IIA .
Shortfall interest charge is worked out under Division 280 in this Schedule.
See section 5-10 of the Income Tax Assessment Act 1997 for when the amount of shortfall interest charge becomes due and payable.