Superannuation Contributions Tax (Assessment and Collection) Act 1997
PART 3
-
ASSESSMENT AND COLLECTION OF SURCHARGE AND ADVANCE INSTALMENTS
SECTION 21
PAYMENT OF THE GENERAL INTEREST CHARGE IF LIABILITY INCREASED BY AN AMENDMENT OF AN ASSESSMENT
21(1)
[Liability to pay general interest charge]
(a) started at the beginning of 15 June in the financial year; and
(b) finishes at the end of the day before the amended assessment is made.
(a) the Commissioner has calculated that no surcharge is payable by a person on a member's surchargeable contributions for a financial year; and
(b) the Commissioner afterwards makes an assessment of surcharge payable by the person on those contributions for the financial year;
If an amendment of an assessment increasing a person's liability to pay surcharge for a financial year is made, the person is liable to pay the general interest charge on the amount of the increase for each day in the period that:
(a) started at the beginning of 15 June in the financial year; and
(b) finishes at the end of the day before the amended assessment is made.
Note:
The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .
21(2)
(Repealed by Act No 11 of 1999)
21(3)
Amendment of nil assessment.
(a) the Commissioner has calculated that no surcharge is payable by a person on a member's surchargeable contributions for a financial year; and
(b) the Commissioner afterwards makes an assessment of surcharge payable by the person on those contributions for the financial year;
the assessment referred to in paragraph (b) is taken to be an amended assessment.
21(4)(Repealed by Act No 11 of 1999)
21(5)
(Repealed by Act No 11 of 1999)
21(6)
(Repealed by Act No 11 of 1999)
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.