Superannuation Contributions and Termination Payments Taxes Legislation Amendment Act 1997 (191 of 1997)

Schedule 4   Amendment of the Superannuation Contributions Tax (Assessment and Collection) Act 1997

34   Subsections 25(1), (2) and (3)

Repeal the subsections, substitute:

Penalty for non-payment

(1) If an amount of surcharge, advance instalment, interest under section 21 or 22, or penalty payable under a previous application of this subsection, that is payable by a person remains unpaid after the time when it became due and payable, the person is liable to pay to the Commonwealth, for each day on which the amount remains unpaid, a penalty on the unpaid amount at such annual rate or rates as are provided for interest payments by section 214A of the Income Tax Assessment Act.

When late payment penalty becomes due and payable

(2) Late payment penalty on an amount of surcharge, advance instalment, or interest under section 21 or 22, is due and payable on the day after the day on which the amount of surcharge, advance instalment or interest became due and payable.

(3) Late payment penalty on an amount of penalty payable under subsection (1) is due and payable on the day after the day on which that amount of penalty became due and payable.

Judgment for payment

(3A) If judgment is given by, or entered in, a court for the payment of:

(a) an amount of surcharge, advance instalment, interest under section 21 or 22 or late payment penalty; or

(b) an amount that includes an amount of surcharge, advance instalment, interest under section 21 or 22 or late payment penalty;

the amount of surcharge, advance instalment, interest or late payment penalty is not taken, for the purposes of subsection (1), to have ceased to be due and payable merely because of the giving or entering of the judgment.

Commissioner’s right to sue not affected

(3B) This section does not prevent the Commissioner from suing for the recovery of any unpaid surcharge, advance instalment, interest or late payment penalty at any time after it becomes due and payable.