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

107   Subsections 220AAM(2) and (3)

Repeal the subsections, substitute:

(3) If any of the amount (the deducted amount ) which a medium remitter must pay to the Commissioner remains unpaid after the time by which it is due to be paid, the medium remitter is liable to pay the general interest charge on the unpaid amount for each day in the period that:

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

(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the deducted amount;

(ii) general interest charge on any of the deducted amount.

Note: The general interest charge is worked out under Division 1 of Part IIA of theTaxation Administration Act 1953.