PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987

PART VIII - COLLECTION AND RECOVERY OF TAX  

Division 1 - General  

SECTION 85   UNPAID TAX AND CHARGES  

85(1)  


A person is liable to pay the general interest charge on any amount of any of the following that remains unpaid after the time by which payment is due:


(a) tax the person is liable to pay;


(b) shortfall interest charge the person is liable to pay in relation to tax;


(c) instalment transfer interest charge the person is liable to pay in relation to an instalment of tax.

Note:

The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .

85(2)  
The person is liable to pay the general interest charge for each day in the period that:


(a) started at the beginning of the day by which the tax, shortfall interest charge or instalment transfer interest charge 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 tax, shortfall interest charge or instalment transfer interest charge;

(ii) general interest charge on any of the tax, shortfall interest charge or instalment transfer interest charge.

85(3)  
(Repealed by No 78 of 2006)

85(4)  
(Repealed by No 78 of 2006)




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