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

305   At the end of section 91ZB

Add:

Government bodies

(4) If a government body making a payment does not deduct from the payment the amount required to be deducted under this Division, the government body is liable to pay the general interest charge on the amount not deducted for each day in the period that:

(a) started at the beginning of the day by which, if the government body had deducted the amount, the government body would have been required to pay the amount to the Commissioner; and

(b) finishes at the end of 30 June in the financial year in which that day occurred.

Note: The general interest charge does not apply to the Commonwealth or authorities of the Commonwealth: see subsection 8AAB(3) of theTaxation Administration Act 1953.