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

151   Subsection 221YA(1)

Insert:

GIC period , in relation to an instalment of provisional tax for a year of income (the current instalment ), means:

(a) if the current instalment is not the last instalment of provisional tax for the year of income - the period starting at the beginning of the due date for payment of the current instalment and finishing at the end of the due date for payment of the next instalment of provisional tax for the year of income; or

(b) if the current instalment is the last instalment of provisional tax for the year of income - the period starting at the beginning of the due date for payment of the current instalment and finishing at the end of the due date for payment of the tax payable in respect of the taxable income of the year of income.