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

165   Subsection 221YDB(1)

Omit "to the Commissioner additional tax, by way of penalty, equal to 20% of", substitute ", for each day in the period in subsection (1AAB), the general interest charge on".