Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Sales Tax Assessment Act 1992

301   Section 68

Repeal the section, substitute:

68 Unpaid tax

(1) If any of the tax which a person is liable to pay remains unpaid after the time by which the tax is due to be paid, the person 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 tax 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 tax;

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

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

(2) In this section:

tax includes penalty under Part 9.