Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Income Tax Assessment Act 1936

104   After section 220AAG

Insert:

220AAGA Commissioner must be notified of amounts

(1) A large remitter that must pay an amount to the Commissioner under section 220AAE must notify the Commissioner of the amount on or before the day on which the amount is due to be paid (regardless of whether it is paid).

(2) If the large remitter fails to do so, or notifies the Commissioner of an amount that is less than the correct amount, the large remitter is liable to pay the failure to notify penalty on the amount, or on the amount of the shortfall, for each day in the period that:

(a) started at the beginning of the day by which the amount was due to be paid; and

(b) finishes at the end of the day before the Commissioner receives notification from the large remitter, or otherwise becomes aware, of the correct amount.

Note: The failure to notify penalty is worked out under Division 2 of Part IIA of theTaxation Administration Act 1953.

(3) The notification must be in a form approved in writing by the Commissioner, unless:

(a) it is by way of a statement under section 220AAG accompanying a payment; and

(b) the Commissioner requires statements under that section to be in a particular form, contain particular information or be given in a particular manner; and

(c) the statement meets those requirements.