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

134   Subsection 221AZP(3)

Omit “The penalty is calculated at the rate of 16% per year for”, substitute “The general interest charge is payable for each day in”.