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

226   Subsection 221ZD(1)

Repeal the subsection, substitute:

(1) A person, other than the Commonwealth or an authority of the Commonwealth, who contravenes subsection 221ZB(1) in relation to a mining payment is liable to pay to the Commissioner an amount, by way of penalty, equal to the amount of any unpaid mining withholding tax payable in respect of that mining payment.

(1A) The person must pay the penalty amount within 21 days after the end of the month in which the mining payment was made.

(1B) If any of the penalty amount remains unpaid after the time by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid penalty amount for each day in the period that:

(a) started at the beginning of the day by which the penalty amount 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 penalty amount;

(ii) general interest charge on any of the penalty amount.

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