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

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

Part 1   Amendments

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

329   Subsections 18(1) and (2)

Repeal the subsections, substitute:

Liability to pay general interest charge

(1) If an amendment of an assessment increasing a member's liability to pay surcharge for a financial year is made, the member is liable to pay the general interest charge on the amount of the increase for each day in the period that:

(a) started at the beginning of 15 June in the financial year; and

(b) finishes at the end of the day before the amended assessment is made.

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

Note: The heading to section 18 is altered by omitting “ interest to Commonwealth ” and substituting “ the general interest charge ”.