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

130   At the end of Subdivision B of Division 1C of Part VI

Add:

221AZMAA Late payment of instalments

(1) An instalment taxpayer who fails to pay some or all of an instalment, by the time by which the instalment is due to be paid under section 221AZK, 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 instalment 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 instalment;

(ii) general interest charge on any of the instalment.

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

(2) For the purpose of working out any unpaid amount of a final instalment:

(a) despite section 221AZT, the final instalment is taken to be due to be paid on the day specified in section 221AZK; and

(b) the final instalment is first reduced by any credits or offsets specified in paragraph 221AZP(1)(b).