S 21(1) amended by No 101 of 2006 , s 3 and Sch 2 item 1046, by omitting the reference to a repealed inoperative Division in the note, effective 14 September 2006. For application and saving provisions see the CCH Australian Income Tax Legislation archive .

S 21(1) and (2) substituted by s 21(1) by No 11 of 1999, s 3 and Sch 1 item 311, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 21(1) formerly read:

21(1)
If an amendment of an assessment increasing a person's liability to pay surcharge is made, the person must pay interest to the Commonwealth, calculated in accordance with subsection (2), on the amount of the increase.

S 21(1) and (2) substituted by s 21(1) by No 11 of 1999, s 3 and Sch 1 item 311, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 21(2) formerly read:

21(2)
Interest payable by a person under subsection (1) as a result of an amended assessment (the current amended assessment ) of surcharge on a member's surchargeable contributions for a financial year is to be calculated:

(a) for the period:

(i) starting on 15 June in the financial year; and

(ii) ending on the day on which the current amended assessment is made; and

(b) at such annual rate or rates of interest as are provided for by section 214A of the Income Tax Assessment Act.

S 21(4) repealed by No 11 of 1999, s 3 and Sch 1 item 312, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 21(4) formerly read:

21(4)
If the amount of interest that would be payable under subsection (1) by a person on a member's surchargeable contributions is less than 50 cents, the interest is not payable.

S 21(5) repealed by No 11 of 1999, s 3 and Sch 1 item 312, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 21(5) formerly read:

21(5)
If a person is liable to pay interest under this section, the Commissioner must notify the person of:

(a) the period for which the person is liable to pay the interest; and

(b) the amount of the interest; and

(c) a date (not earlier than 30 days after the day on which the notification was given) as the due date for payment of the interest;

and the amount is due and payable on that date.

S 21(6) repealed by No 11 of 1999, s 3 and Sch 1 item 312, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 21(6) formerly read:

21(6)
Commissioner may remit interest. The Commissioner may remit the whole or part of any interest payable by a person under this section.

Note: A refusal to remit interest is reviewable by the Administrative Appeals Tribunal (see section 29 ).