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

114   Section 220AAW

Repeal the section, substitute:

220AAW Large remitters - non-electronic payment

(1) A large remitter that pays an amount other than by electronic transfer is liable to pay the general interest charge on the amount for each day in the period that:

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

(b) finishes at the end of the 6th day after that day.

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

(2) However, if the amount of the general interest charge is less than $500, the large remitter is instead liable to pay a penalty of $500.

(3) The Commissioner may remit all or a part of the penalty that a large remitter is liable to pay because of subsection (2).

Note: The Commissioner may remit an amount of the general interest charge under section 8AAG of theTaxation Administration Act 1953.

(4) This section does not apply to an exempt Australian government agency (within the meaning of subsection 995-1(1) of theIncome Tax Assessment Act 1997).