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 1997

277   After subsection 20-25(2)

Insert:

Remission of general interest charge

(2A) If:

(a) you have incurred expenditure that consists of general interest charge under Division 1 of Part IIA of theTaxation Administration Act 1953; and

(b) the Commissioner remits any of that charge;

then you are taken to receive the remitted amount as recoupment of that expenditure.