Taxation Laws Amendment (Self Assessment) Act 1992 (101 of 1992)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

23   Penalty for unpaid tax

Section 207 of the Principal Act is amended:

(a) by omitting from subsection (1) "20%" and substituting "8%";

(b) by inserting after subsection (1) the following subsection:

"(1AA) For the purposes of this section:

(a) despite section 221AM, tax under paragraph 221AZD(b) is taken to become due and payable on the day on which its payment is required to be made under that paragraph; and

(b) the tax specified under section 221AZD in a return is taken to be reduced by any credits or offsets within the meaning of subsection 221AZE(6) in determining the amount of tax, if any, under paragraph 221AZD(b).";

(c) by omitting from subsection (1B) all words after paragraph (b) and substituting "then the tax must not be taken, for the purposes of subsection (1), to have ceased to be due and payable because only of the giving or entering of the judgment.";

(d) by inserting in subsection (3) "interest under section 170AA and" after "includes".