PAYMENT OF INTEREST TO COMMONWEALTH IF SURCHARGE PAYABLE UNDER A FURTHER ASSESSMENT  
22(1)
If, under an assessment (the new assessment ) made under subsection 15(1) because of subsection 20(3) , a person is liable to pay an amount of surcharge for a financial year, the person must pay interest to the Commonwealth, calculated in accordance with subsection (2), on that amount.
22(2)
Interest payable by a person under subsection (1) 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 new 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.
22(3)
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.
22(4)
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 is given) as the due date for payment of the interest;

and the amount is due and payable on that date.

22(5)
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 ).