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

161   At the end of section 221YD

Add:

(3) If any of the provisional tax, or the instalment of provisional tax, which a taxpayer is liable to pay remains unpaid after the time by which it is due to be paid, the taxpayer 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 provisional tax or 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 provisional tax or the instalment;

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

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

Note 2: Subsection 8AAB(4) of that Act lists the provisions that apply the charge.